Ibex-35 down another 1.5pc so far today, the fifth straight day of falls. This gets very unsustainable very quickly.
Personally I’m expecting the ECB to intervene again, followed by a big stock market rally, that lasts a while. But sooner or later we’ll be back here again.
There are huge losses in the system, and someone (the German saver) has to recognise them, either through default or inflation. We won’t get out of this mess any other way.