European stresses starting to emerge again;ECB has lent European banks dollars for first time in two months $$

European stresses starting to emerge again – Bloomberg reported (early this morning) that the ECB has lent European banks dollars for first time in two months (the ECB allotted $430M in a 7-day refinancing plan at 1.18% for the first time since May 26).  Sov CDS levels have been widening out in the last couple weeks – Greece was ~727bp at the end of Jul and is now 816; Ireland has seen among the most dramatic increases (from sub 200 at the start of Aug to 267 now); Italy has gone from 128bp at the start of Aug to 170 now; Portugal went from 217bp at the start of Aug to 266 now.  Looking at the move in Ireland specifically, there don’t seem to be any major headlines (the Bank of Ireland had earnings out this morning but its stock actually outperformed in European trading).  There is some focus today on the reports that Spain is going to be reviving some infrastructure projects (raising concerns their budget deficit could start to widen out again