Just as we warned, not only is it time to panic but the panic is 'contagion'-ing over into the sovereign risk market. European banks are in freefall, down over 4.3% broadly, crashing to 2012's "whatever it takes" lows. European bank risk has gone vertical... Today's spike is the largest since April 2010 TBTF banks are all seeing credit risk explode - to 52-week highs and beyond... Slamming European bank stocks back to near "whatever it takes" lows... Dragging the entire European stock market down 24% from its highs to 16-month lows... And that risk is syetmically crushing peripheral sovereign bond markets... Time to ... (full story)