You couldn't summarize current EU situation better

Francesc

Nomura - "Key views:
1. Spain to call for ECCL by end October
2. After phase of relative calm, markets to test the backstop
3. Italy remains very exposed and will likely require ECCL too, after market pressure
4. GDP contraction and higher NPLs remain the key challenges
5. Debt trajectory to continue rising faster than expected
6. Banking Union timeline too ambitious
7. Market pressure to rebuild around weak banks and weak sovereigns in Q1
For as long as there is no evidence of sustainable economic recovery capital flight likely to remain key feature."