In a move that literally everybody in the world has already called, Spain is hurting bad you guys.

Money quote:

As for creditors, euro-zone governments failed to impress with a half-hearted decision to increase the bloc’s bail-out funds last week. And the ECB has little room for manoeuvre. Mr Draghi signalled at his press conference that any talk of unwinding the ECB’s unconventional stimulus measures, which include the provision of €1 trillion of three-year liquidity to euro-zone banks in December and February, was premature. But another dose of liquidity is not on the cards. With few catalysts for good news and lots of reasons to feel nervous about the euro zone’s prospects, Mr Draghi’s assessment looks off-beam. Of course markets are uneasy.

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