It is jaw dropping the speed with which the market soured on the Spanish bailout.
One moment the banking system appeared to have been given a major shot in the arm, with stocks up over 4.5%.
The next moment: The bailout is not enough, and suddenly the Spanish government is just on the hook for more debt and, oh, perhaps now normal bondholders feel they are secondary to the bailout. Whoops!
Meanwhile, yesterday’s Asia rally: gone.
Here’s the Nikkei giving most of it up.