There is also a business consideration in that, for example, a community development district trying to sell property and build houses now faces buyer resistance due to the uncertainty a bond default brings.

FORBES: Even If A Bond Doesn't Default, You Can Still Lose Your Money

"German resistance to direct and indirect policy measures on the part of the ECB to lower Spanish and Italian bond yields has risen over the past several months, " he said.

WSJ: Europe Stocks Rise on ECB Comments