Greece: When Markets Stop Trusting

Greek Protestors

Bloomberg - Greek 10-year yields jumped 19 basis points to 16.76 percent as of 9:23 a.m. in London while yields on two-year notes climbed 12 basis points to 25.58 percent. Italian 10-year yields rose six basis points to 4.84 percent. The cost of insuring government and corporate debt rose in Europe, according to traders of credit-default swaps. Contracts on Greece soared 29 basis points to a record 1,373, Ireland jumped 14 to 655 and Portugal rose 9 to 649, while Italy increased 14 to 174 and Spain climbed 13 to 275, prices from data provider CMA showed today. In Athens, Papandreou is chairing a Cabinet meeting today to discuss his fifth austerity package since getting a 110 billion-euro rescue from the European Union and the International Monetary Fund. Read full story here: News New Mexico

Greece: When Markets Stop Trusting