Belgium just can't get a break. While its simultaneously arguing with France and Luxembourg over Dexia's bailout burden and suffering under a total lack of government, Merkel's unequivocal comments on Euro-bonds did nothing to save the ailing nation. Then business confidence prints worse than expected continuing its worse slide since 1993. Not only are Belgian government yields at record highs but so is the spread to German Bunds (at 350bps!) and French OATs as Dexia's credit also cracks to record wides.