"investors who purchase Spanish government bonds that mature in 10 years - hit a record high of 7.17 percent Monday. That compares with under 2 percent for 10-year german bonds.

now if the ECB STEPS IN  and guarantees repayment

rates will plunge to german levels perhaps

why not ?

and  todays  10 year spanish bonds with a 7% coupon rate
  could be ---using the crude approximation of  10% for every 1%
             closing in on  a 50%capital gain
---.actually more like 45%---
and think time it right and your gain could perhaps emerge almost over nite

a speculation old bobby morris couldn't resist
if he knew the approximate time frame

the ECB will try to keep pikers and lunger in the dark on this ..of course