[B]ank stocks plunged throughout the continent and impacted the general markets as well. Interest rates climbed and the Euro broke below $1.28 for the first time since September 2010.

 

Comstock Partners | Jan. 6, 2012 | Business Insider

In addition the European Financial Stability Facility (EFSF) had to pay much higher rates to sell 3 billion Euros of debt.

 

That isn’t all. As potential harbingers of things to come, the Spanish regional government of Valencia is a week late in repaying a 123 million Euro loan to Deutsche Bank. We doubt that many in the investment community were aware of Valencia’s finances before, but this is just the sort of thing that pops up out of nowhere during a financial crisis and snowballs into something much larger.

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