Eyes will firmly be focused on Spain today as shortly economic figures will be released to show the extent of their problems. While the actual news that they are in trouble is news to no-one today's figures will show how bad their recession is and the resulting market reaction will determine if they need a bailout from the ECB.

Friday saw the UK enter their double dip recession although concerns over Spain and Europe may take the focus off this as the UK are not in a position where bailouts would be needed...at least not yet.

S&P are currently reducing ratings ahead of Spain's figures and today also sees bond auctions for Germany.