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Why watching the markets could be more eventful than Leveson today

Traders look at electronic boards at the stock exchange in Madrid earlier this week. Photo: REUTERS/Andrea Comas

While many eyes are on David Cameron's appearance at the Leveson Inquiry today, watching the markets could be just as eventful.

The cost for the Spanish government to borrow has hit 7 percent.

On its own that sounds like a rather obscure fact that might not mean very much.

But while there is nothing automatic, 7 percent is the level at which the Portuguese and Irish governments had to put their hands up and ask for a bailout - not just a bailout for their banks, but a full blown lifeline to the whole country itself.

What has also spooked the markets this morning is the surprise suggestion from Switzerland, normally land of not just chocolate, alpine meadows and watches - but also of very safe money.

Credit Suisse might be in need of a cash injection. Credit: Arnd Wiegmann / Reuters

The Swiss National Bank warned that one of their biggest and most important banks, Credit Suisse, might need to bump up the amount of cash they have in case the situation gets dramatically worse.

That surprising statement reminds us that no country can be immune.

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