So, European markets rallied on Friday after plunging on Thursday. Open Europe takes a look at the situation and concludes:

The situation looks increasingly like another eurozone ‘game of chicken’. On the one hand, Draghi yesterday effectively urged eurozone governments (primarily Spain, but also Italy) to show their hands first – that is, if they think they need help to bring their borrowing costs down they should request EFSF [bailout fund] assistance.

This would of course subject the two countries to the same sort of external “troika” disciplines being imposed in Portugal, Ireland and Greece.

But at his press conference less than two hours ago, Spanish Prime Minister Mariano Rajoy insisted that he first wants to see what the ECB’s announced “non-standard monetary policy measures” actually involve . . .

German voters ought to be pretty interested in that too. I wonder if they will be asked for their views.

Yes, that was a rhetorical question.