While Greek CDS and the Greek-German spread have increased markedly since the beginning of last week, fears of a contagion to peripheral eurozone countries have surfaced again. Spain, in particular, is worrying the markets: the spread between 10-year Bunds and Bonos has stretched by 8 basis points today, and the yield on 5-year securities reached 3,79% compared to 3.

59% last Monday. The country's auction on Thursday, of 2.5 billion euros at five years, will therefore be followed very closely by investors.