The post-Greek election relief rally is completely gone. The euro is down. European stocks are down. And U.S. futures are down.
Nowhere is the crisis more apparent than in Spain, where government borrowing costs just went parabolic.
The 10-year yield is now north of 7.13 per cent, a euro-era, all-time high. It opened at 6.84 per cent this morning.
And we thought it looked bad last week when it hit 6.90 per cent.