Europe sits at session lows - the Stoxx 50 -2.7% - as NY opens for trade. For a change, Spain isn't leading today's big selloff. Instead it's Germany, -3.1% (Spain -2.9%). The Spanish 10-year yield is up 1 bp to 5.97%. German 5-year paper hits a record low, the yield -5 bps to 0.62%.