The ECB are dishing out free money in its 3-year window and it doesn’t take much skill for banks to pass this money on to the Spanish government through 1-year or 2-year bonds and reap a basically risk-free profit. What will test the market’s resolve, is whether it is willing to lend money to the Spanish government for a 10 year period. I’m guessing that the uptake on tonights 10-year auction will be much more disappointing than the recent shorter term sales and this could send the EUR tumbling across the board. That’s just a guess on my part, as I’m far from an expert on EZ debt markets.