A major component of Turkey's actions here could involve attempting to tamp down tensions between India and Pakistan, if there is any means of so doing. Turkey and Pakistan are the two major Islamic military powers. India might see advantages in having Pakistan focused on the tensions between Israel and Turkey, as might the government of Pakistan. Hinting at and making overtures towards bringing Iran into the mix could be another step. Then things could get really interesting.

If Spain feels pressured financially and sees connections between that pressure and these politics, it could hint that default might be a superior option on several fronts. Nothing like tanking the markets to make your point. It is a game many can play. Wish I had put a bunch of my IRA into SP, and inverse S&P 500 fund, on Friday, as I was considering doing.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."