- Sovereign debt crisis has calmed down
- ‘strict conditions’ still needed for Greece but sees signs of improvement
Spanish 10-year yields are down to a relatively healthy and certainly sustainable 5% but are struggling to break below.
![](http://az705044.vo.msecnd.net/20130104/spain-10s-330x216.png)
Speculative bond buyers have made an absolute killing in the last 6 months.