Greek elections set a few tumblers right but the numbers on the Spanish 10 Y bond yields put the spinning banks firmly into the centre of the whirlpool, European Banks losing billions in Market Cap led by Bankia, down another 6%. The Euro fell below 1.26 and the Dollar Index inched up to 82 as US Financials responded in kind with a 2% cuit on the Big 4 with Citi discussing its restructuring on the networks today after the close and Bank of America not seeming to have anything to show for another three months of business. Apparently JP Morgan is determined to turn around its fortunes in Europe in this set of trading while a flight of EUR 100 B in deposits from Spain in three months with EUR 66 B in the last month brinbgs Spain neck to neck with Greece even as no one popped out of the G20 sessions to comment again on the Bank union and its closeness to enactment
European plans for Fiscal consolidation ill be revealed at the end of June with another round of the Hellenic Summit Games, more of a France vs Germany than the earlier editions of 2010 hen it was snide France and Germany pre meetings that brought the agenda for the final discussions to the Euro Summits for deciding consolidation in Greece, Ireland, Portugal and even Italy
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Spanish bond rates switch to record above 7.0%(france24.com)
Spanish Banks Need $46 Billion to Stave Off More Trouble, I.M.F. Says(nytimes.com)
Debt crisis: Barack Obama demands action as leaders ponder Spanish bank rescue(telegraph.co.uk)
Greek Election Defuses One Crisis, but More Lurk(nytimes.com)
IMF: Spanish banks need at least 40 billion euros(edition.cnn.com)
Former Bankia executive gets €14m payoff(guardian.co.uk)
Spain borrowing cost crisis: Rate at euro-era high(kansascity.com)
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