Greece and Ireland are not the only European problems.

While Greece is dominating the news (again) there are other rumblings in Euroland you should be watching.  Below is the spread between German and Spanish 10 year yields.  The trend is not going the right way.

Furthermore yesterday Spanish 10 year yields went up on a 'risk off' day.  No longer does the market consider the government debt of Spain a safe haven when the equity and other risk markets go down.  I'm closely watching the relative and absolute levels of  Spanish debt  As the Greece situation develops keep an eye on this to see if the panic spreads to Spain.