Spanish bonds now down 150 points - and taking out recent lows.... So much for 24 hours worth of rally... If this continues Spain and Europe Indicedes will close down for the day. This is a TOTAL Extend-and-Pretend exercise - The EU even tried to say it was not a loan. Yesterday the Bail-out was not a bail-out and today the loan was not loan - what was it then? A Phantom? EU and policy makers just made Spanish and all "intervention" bonds INFERIOR credit due to ESM having priority. Reminds you of something ? It should!