First and foremost, the possibility of a full Spanish sovereign bailout has not disappeared with the ECB's unlimited bond buying program. 

We also learned this week that growth is becoming a more serious challenge in the Eurozone.  The Eurozone PMI reports were abysmal and showed a growing divide between Germany and the rest of the region.

The euro rallied on indications Spain could be less than a week away from requesting ESM aid and then stumbled when officials said no application was coming.

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