Spain's pain

After last month's EU summit, markets were hopeful for strong action from EU but only strong statements were there no actions and now its affecting markets after investors lost  confidence as Spain's borrowing cost is stubbornly holding above 7% which was suppose to come down after EU agreed to the flexible and efficient use of existing EFSF/ESM instruments for Member States respecting their Country Specific Recommendations and their other commitments including their respective timelines(Bonds )  under the European Semester, the Stability and Growth Pact and the Macroeconomic Imbalances Procedure. But I doubt that Germany can really do something at this point since matter is in court and off course its badly impacting global growth and jobs and it will more till time EU don't act strongly and it will impact US election especially President Obama. Mean while markets will be looking forward for Apple and facebook earnings as well US GDP this weekend.