This Is a Brutal Time for Europe's Periphery: Strategist

2:30 AM ET Fri, 13 July 2012

"What we have seen over the past few weeks is an important development, we have seen the first European summit that has actually explicitly recognized severing the link between banks and sovereigns but sentiment wise we are pretty much back to square one," Nicholas Spiro, managing director at Spiro Sovereign Strategy, told CNBC.