First and foremost, the Greek 1 year bond is now trading at a record 528% yield, up 25% since yesterday.
Yet, the Euro is up 1% and German Bunds fell. Send thanks to that inveterate buyer of the Euro: Asia!
In other news:
"It is clear we are going into another drama for Greece with many questions unanswered,” Patrick Legland, head of research at Societe Generale SA, told Bloomberg Television today. “It’s kind of a catch-22 where they have to reduce their deficit but there is no growth. It’s very tricky."
Output dropped 2.9 percent in December after remaining flat in November, missing even the lowest forecast in a Reuters poll of 37 economists
Even though our American and Chinese competitors have an interest in the survival of the single currency, the euro is condemned to an uncontrollable explosion sooner or late