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Despite the calmer tone in the euro’s trading, tension remains very high behiind the scenes – things that certainly worrying.

In the video below, Simon Smith of FxPro discusses the various signs of stress in the money markets, the Spanish situation and what the ECB can do.

Smith also states that Europe is not pushing everybody down on its own: also in the other side of the globe, in Asia, things are not that rosy.

Spain will provide more details about its plans for the banks tomorrow (Friday). If it follows the path of nationalization that Ireland walked through, the future doesn’t look too bright.