Spanish a touch under 5% and Italian at 5%, both pre-crisis levels.
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so that means bank balance sheets look like pre crisis balance sheets, but share prices don’t reflect it yet. the reason is presumably that ECB QE is helping to stabilize the market. But what markets really need is a “sea change” in attitude and outlook, like the one that QE2 provided. We know that the ECB is helping, but what we don’t have is a definitive “up yours” statement to the rumor mongers and markets to stabilize things and provide a platform for a big move up.