So much for convincing investors that Europe is fixed.
The European Central Bank's latest monetary policy decision—a 25 bps rate cut—hasn't bolstered confidence, either.
UPDATE: Markets across Europe are tanking, with Spain taking the biggest hit. Italy is not far behind. A quick look at the scoreboard:
German DAX: -1.2%
French CAC 40: -1.6%
Italian FTSE MIB: -3.0%
Spanish IBEX 35: -3.5%
The IBEX 35 is just getting destroyed: