It’s obvious that the EU crisis continues. It paused briefly last Thursday and Friday swept up the initial euphoria about the second Greek bailout in two years. But larger questions remain in the minds of investors.

In Europe German bunds are considered to be the risk-free investment just as over here U.S. bonds are regarded the same way despite the so-called crisis about the debt ceiling. So when Italian bonds crept up on Monday to 5.5% from 5.2% on Thursday, there was concern. Likewise no one liked it when Spanish bonds crept up to 5.7%. And by Monday afternoon the Spanish bonds hit 6%, 3.24% above the rate on German bunds.

The crisis has reached a systemic level. It is clear. But is Germany expected to bailout all her sister countries in the EU? Stay tuned . . .