The punishment continued for Portugal (from 190.6 to 190.4 basic points), and specially for Spain (from 88.78 to 91.9 basic points). The president of the Central German Bank, Axel Weber, Warned that many countries have excessive budget deficits, and for that reason “the risk has increased”.

According the analysts the next country in continue the steeps of Greece, seems to be Portugal. Simon Derrick, chief strategist of currencies in the Bank of New York Mellon, assured that “it seems easy to see which piece will fall next in Europe: Portugal”

Many experts, put Spain immediately after the Portuguese economy as warned in the beginning UBS, but the crisis of Spain could be more than a crisis of debt and credibility, a crisis of liquidity.

José Luis Martínez Campuzano, strategist of Citi in Spain, believes that “the one of Spain is more a problem of liquidity than of national risk, because the Spanish treasure will have to use more, and during a longer period of time, the markets than other European treasuries”. Spain is facing in July a tsunami of debt expirations of €25,000 million, a “obstacle” that will challenge the strength of Spain, warned Barry Knapp, strategist of Barclays Capital.

The step given by Greece is important for two reasons, in first place “the markets believe that, arrived in that point, the help of the IFM and the European Union is essential to ensure that Greece can fulfill their financial objectives”, according Unicredit. Secondly, the supervision of the IFM will be essential to inspire the investors to trust in the capacity of Grece to adjust their finances”. In two weeks, the technical commission of the IMF, the ECB and the European commission that is negotiating with Athens the conditions of the aid and a stabilization program will have to release their conclusions.

Investors of public debt are fairly opting to reduce its risk profile. The German debt becomes winner in a tendency that affect the surrounding markets.

credit default swaps (CDS) to 5 years of Greek debt also reached a new maximum of 489 basic points, what means that the cost of insurance $10milion grows to $489,000.

Not just the Greek debt is in trouble

The Greek debt isn’t the only in trouble, the defaulting insurances got also more expensive for other surrounding countries. In the case of Portugal , the CDS to 5 years increased to 219 basic points, from the previous 200, while in the case of Spain increased from 144.8 basic points to 152.2.

The record alerts on the financial health of Greece coincided with th beginning of the meetings on the Greek debt with the European Union and the International Monetary Fund, after two days of delay caused by the aerial collapse.

The market considers the option of prolongation of the meetings for about 2 weeks, and according the analysts, and they are thinking in giving 45,000 millions of Euros in aids and save the Greek debt. The Greek governments asked for help before the end of “official” conversations.