Spain has formerly nationalized Bankia with the traditional boilerplate that the bank wasn't insolvent which means it was, the action itself means it was, but the last thing they want is a bank run.

Meanwhile the powers that be in the EU have decided to pay the next bailout tranche to Greece, but instead of $5.2 bn it will be a billion short, which will be held at least until Monday. I'm not sure how the pieces fit, but I'm pretty sure this has something to do with the letter of memorandum between PASOK and Syriza.

This will be interesting, the EU is paying Greece so Greece can pay EU banks, but if the anti-bailout coalition wins and forms a government, $4.2bn Eruos just went down a black hole, likely never to be seen again except in the already insolvent banking sector in the EU. I suspect the payment being made is more about EU banks than keeping Greece afloat right now.

As I tried to articulate yesterday, this small rather insignificant country, Greece, is likely the end of the EU as we know it.

I wold pay attention to every headline coming out of Greece over the next week.

Finally with the market closed I have some time to look at the risk asset layout and see what credit and other important underlying conditions did today, I'll report back shortly.