Key Data Points
German 10-year Bund 15 bps lower;
France 6 bps wider to the Bund;
Italy 10-year 20 bps wider;
Spain 33  bps wider;
Portugal 107 bps wider;
Ireland 24 bps wider;
Greece 28 bps tighter;
Large Eurozone banks down 5-10 percent;
Euro$ down 1.00 percent.

Comments
Spanish bank stress test results released after Friday close:
Bankia: €24.7bn capital shortfall
Catalunya Caixa: €10.8bn capital shortfall
Novagalicia: €7.2bn capital shortfall
Banco De Valencia: €3.5bn capital shortfall
Popular: €3.2bn capital shortfall
BMN: €2.2bn capital shortfall
Ibercaja+Caja3+Liberbank: €2.1bn capital shortfall;
Seven Spanish banks reportedly do not need capital, including Santander and BBVA;

Source:  Guardian

Austerity and reform fatigue growing reflected in this week’s  mass protests across Europe.

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