The bigger (more important) stories (then Greece):

Monday, 06.18.2012:

1) Spanish 10Yr sovereign bond yield up 24bps to 7.12%. (There goes the 7.00% barrier).
2) Italian 10Yr sovereign bonds yield up 12bps to 6.05%

3) Spanish Banks May Need €150 Billion In Loan Loss Provisions.
Here's the Link

4) FRENCH SOCIALISTS WIN ABSOLUTE MAJORITY IN PARLIAMENT. Expect a bond market revolt in 5-4-3-2-1.... (weeks, if not days - maybe even measured in hours).

Too many issues are all coming together all at once for the Eurozone - and almost all in a bad way (at least for the Eurozone).

This is like having to deal with a raging forest file where they finally get 10% containment (Greece), but there's a forecast of 35-40 mph winds, no rain, and those conditions existing continuously for the next 2 weeks (everybody else).

Some place, some where, some of the CDS obligations are going to default. The effects of defaults in the CDS marketplace are going to impact everywhere at that point....