Meanwhile in Europe

Other than Merkel's pledge there will be no shared liabilities (Euro-bonds) while she's alive (as Monti threatens perhaps a hunger strike next if she doesn't agree to something along those lines), we have the following out of the EU today:

• EUROGROUP WELCOMES SPANISH REQUEST FOR FINANCIAL ASSISTANCE
• EUROGROUP SAYS CYPRIOT RESCUE IS `WARRANTED AT THIS STAGE'
• EUROGROUP SAYS SPAIN BANK NEEDS ESTIMATE AT EU51B TO EU62B
• EUROGROUP SEEKS `AMBITIOUS MEASURES' FROM CYPRUS ON BANKS

Wow, it seems like the biggest decision the EU has made is to hire a new PR firm, "Welcomes the Spanish request for financial assistance"? This is the big domino that they have all feared may topple, but their press release sounds like a welcome to the Four Seasons. The actual amount of $62bn sounds low to me considering how things tend to spin out of control, but I've never even been inside a Spanish bank so what do I know?

 Cyprus, as was mentioned over the last few weeks, obviously wasn't kidding when they said they needed a bailout.

And why stop there?

Slovenia's PM said they may need a bailout next month.

From Bloomberg:

Slovenia may ask for an international bailout if lawmakers fail to adopt legislation next month that would limit public spending, Prime Minister Janez Jansa said in an interview with a local radio station.

“July will be the moment of truth since parliament will vote on the golden fiscal rule and on changes to the way referendums are organized,” Jansa was quoted as saying in an interview with Koper-based Radio Ognjisce. “If we continue to get more and more debt, we will see a Greek scenario here and this generation will have to pay dearly for the stupidity of those that have delayed decisions.”  

And the Euro's  reaction...

Since the 9:30 US open, nearly unchanged.