Weekly Eurozone Watch: Is Eurogeddon Exaggerated?

Key Data Points
German 10-year Bund yield down 6 bps to 1.37 percent;
France 28 bps tighter;
Italy 9 bps tighter;
Spain 10 bps wider;
Belgium 21 tighter;
Portugal 5 wider;
Ireland 3 wider;
Greece 113 wider;
Large Eurozone banks flatish to slightly higher;
Euro currency down 1.7 percent against U.S. dollar;

Comment:   Euro market x/ currency had a relatively benign week given the ugly headlines.   Also note x/Spain and Greece all sovereigns tighter vs. Bund on the year.  Looking at this data either our Eurogeddon  fears and emotions are exaggerated and wrong or the market is wrong;  and/or the ECB is doing a decent job containing the crisis to Greece and Spain, at least for now.

(click here if charts are not observable)

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