On Nouriel's mind: three options for the eurozone with regard to Spain and France. But guess what: none of them is what you could call "good." And Nouriel knows it: "If the Spanish and Italian dominos were to fall, the next in line would be those of France and Belgium: They are cheap shorts at current levels. There is very little room for complacency. If France delays—as seems likely—the market-oriented reforms that it needs as much as any other EZ member, the risk is that shocks that change market sentiment and investors’ perception of which country is at risk could end up engulfing France too."