Spanish Sovereign

The latest initiatives designed to stave off a Greek default are unlikely to be successful, for the same reason that previous measures have failed — namely, that they don't tackle the fundamental issues. In any case, trying to keep the eurozone together is the wrong goal.

European sovereign were among the markets that tanked on Monday morning, after Eurozone politicians postponed their announcement over a further bail-out for Greece until their next meeting on July 11.

Peripheral bonds got whacked on Thursday. The cause was much the same as has often been the case in the last 18 months — European politicians spreading doom and gloom.