These charts of S&P 500 futures and 10-year Spain sovereign debt pretty much tell the story of the realities facing that country and the rest of the EU!
The euphoria over the victory in the Greek elections by the New Democracy party has, as predicted, been short-lived as well it should be!
While absolutely nothing has been resolved or significantly changed by the election results, it did avoid the immediate problem of the anti-austerity party Syriza taking control of the government and then trying to force the immediate abandonment of the agreed-to austerity measures.
That's about it! Notice the gap up in the S&P 500 futures right after the election results were announced and then the slow fade to negative as the session wore on.
Traders of Spanish sovereign debt have been similarly unimpressed as the 10-year bond is now trading over 7%.
|S&P 500 Index Futures (Source)|
|Spain's 10-year sovereign bond yield tops 7% (Bloomberg)|
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