Mike Shedlock (Mish) was pretty clear this morning. The issue at stake (this week) is that the ECB appears to be indeed ending is E442B bank lending program, as we reported on the weekend.
"Spain and Greece Will Both Default. It should be perfectly obvious that at some point Spain and Greece are going to default. The factors at play are ...
- How much longer the ECB is willing to throw good money after bad
- How much longer Germany will put up with ECB policy
- How much longer the market will put up with this extend and pretend nonsense
- How much longer Greece and Spain are willing to put up with austerity measures