It appears Greece matters after all - US futures are tumbling, Japanese stocks are tanking (as JPY is bid on mass carry unwinds), Chinese stocks are limit down and collapsing.. and now European equity futures are open and in free-fall. Bunds are well bid, down 20bps to 72bps.

*EURO STOXX 50 FUTURES FALL 7% AT MARKET OPEN

DAX is down over 5%...

France's CAC and UK FTSE 100 are also down hard.

*GERMAN BONDS SURGE AT OPEN, 10-YEAR YIELD FALLS 20 BPS TO 0.72%

*SPANISH 10-YEAR BONDS DECLINE WITH YIELD RISING 43 BPS TO 2.54%

*ITALIAN BONDS DECLINE WITH 10-YEAR YIELD RISING 57 BPS TO 2.72%

We await the hand of God Draghi...

Charts: Bloomberg

Bonus Chart: Nikkei 225 down 715 points...