Following the news that Brussels will make 30 billion available to Spanish banks by the end of July, Nick Carn, founder of Carn Macro Advisors, told CNBC: "It's very unrewarding to stand around on the battle field and try and anticipate what the end game is. (..) Europe is an area to avoid.(..) If i were to look at any option in Europe I would look at any of the banks' subordinated debt."