Before you start claiming you bought the bottom. This Euromezz surely is a stubborn one. With Spain in total denial, yes, they are still not acknowledging their huge problems, and the fact that so many real estate zombies can’t even pay the interest on their loans, the Spanish situation won’t be resolved easily. The country seems trapped in a Quijotian catch 22 situation. Beware of cathing those falling knives. From Spiegel.

Everything is going according to plan, no reason to worry, the threat has been contained. When Europe’s monetary watchdogs resort to such catch phrases, investors and politicians alike know that the situation is serious.

Last week, it was apparently very serious as top-ranking Brussels officials practically lined up to disseminate their reassuring phrases to the people of Europe. “I don’t think Spain will need any kind of external support,” said Euro Group chief Jean-Claude Juncker, who is also the prime minister of Luxembourg. And European Commission President José Manuel Barroso insisted: “I am absolutely confident that Spain can meet its economic challenges.”

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