For a much more informative view on Greece, Spain and Europe in general than you will find in any of our MSM, look no further than Mark Grant writing at ZeroHedge where he finishes with this excellent quote :

If Greece defaults on its debts it is a $1.3 trillion dollar number, forget the drivel that you read in the press because it will not just be the sovereign debt but the municipal debt, the derivatives, the bank debt, the corporate debt and all of the obligations of the country that will fall into the sinkhole of no return.

Actually the correct response to all of this will surprise you. You must go out and get the correct pair of sunglasses. That is the answer.

“Joo Janta 200 Super-Chromatic Peril Sensitive Sunglasses have been specially designed to help people develop a relaxed attitude to danger. At the first hint of trouble, they turn totally black and thus prevent you from seeing anything that might alarm you.” 

               -Douglas Adams, The Restaurant at the End of the Universe

As for why the money markets are turning their backs on Europe right now, Grant employs a Nietzsche quote which could equally apply to any politician anywhere if they have their mouth open :

“I’m not upset that you lied to me, I’m upset that from now on I can’t believe you.”

Too, too true and well worth a read.