Spain's economy is about to tip over. And Spain ain't Greece. Will Europe be able to stop contagion? Or is it game over for the Euro?

Markets are on tenterhooks as Spanish yields test levels that forced the European Central Bank to respond last November with its €1 trillion liquidity blitz. “Nobody is short Spanish debt right now because they are expecting ECB intervention,” said Andrew Roberts, credit chief at RBS. “If it doesn’t come -- if we take out 6.8pc -- we’re going to see a hyberbolic sell-off,” he said.

Am I glad I don't hold any Spanish bonds. But wait... other European countries hold Spanish bonds. And plenty of other countries hold European bonds...

Hold on to your hats, folks. And your wallets.

Boris Gromyko is a Contributing Writer for The PropagandistMore >>