The question now is whether Europe's indebted governments are changing course out of conviction, or only buying time until the next bond auction tests them again. #SovereignBonds #EurozoneDebt #BondSpreads

The question now is whether markets treat Paris and Madrid as two separate stories, or start asking what it means for the euro area when its political centre of gravity wobbles in more than one capital at once. #Spain #EuroZone #BondSpreads

Others see the kind of panic a central bank backstop exists to stop. The question now is how far spreads must widen before Frankfurt decides which story it believes. #Eurozone #BondSpreads #ECB