The screw turns.

Spanish bond rates on the 10 year note rose to 7.08% while the Euro dropped to $1.228. Some traders anticipate that the Euro will drop into the $1.21 range. European stocks are also dropping.

Meanwhile, the finance ministers of the EU are meeting in Brussels. Their main topic of discussion is how to gather the power to regulate banks, so that this power is shifted to Brussels. Oh and the sorry state of the Spanish banks. At present, they are sticking to the timeline of next year on funding the ESM. The finance ministers could decide to declare the ESM the European bank, allow it to digitize Euros and lend to banks directly. Is it going to happen?