Two of the Eurozone PIGS (Portugal, Italy, Greece and Spain), Italy and Spain, have 10 year sovereign yields at around 1.3 percent. Switzerland, Denmark, Finland, Germany, Netherlands, Austria, Czech Republic, Belgium, France, Slovakia, Sweden, Ireland and Slovenia all have 10 year yields below 1 percent.

Despite these low sovereign yields, 2 percent GDP growth is still elusive in Europe, although Spain is at 2 percent.

But the debt loads in Europe are increasing. Italy's debt to GDP is at 128 percent followed by Ireland, Belgium and Cyprus (all above 100 percent debt to GDP) with France and Spain over 90 percent.