Greek Defaults By Any Measure- Next Up

Townhall.com ^ | July 20, 2011 | Mike Schedlock

[Kaslin]

As Greek 2-year debt yields hit 39.15% the bond market finally forced the ECB's hand, and Trichet comes out looking foolish, not only on his "we say no to default" stance, even temporary defaults, but also on his ridiculous bluff repeated for the nth time just 2 days ago regarding the acceptance of Greek bonds as collateral.

[gleneagle]

Politicians will kick the can down the last 3 feet of road, but Mr. Market is bigger than Mr. Government.

[Principled]

39% yield on bonds - wow

wonder how long we have ‘til our yield explodes.

[NVDave]

Well.... yes and no. The market forces are bigger than the efforts being made on Greece’s debt, but the market for Greek debt isn’t all that large compared to, say, UK, US, or Japanese or Germany debt.

The problem for the government hacks in the ECB and IMF is actually partly that the market for Greek sovereign debt isn’t as big as (eg) French, German or British debt. It is not only theoretically possible for the market to sell off huge amounts of Greek debt and roll that money into something else (and this latter point is important - money wants to find a profitable return *somewhere*), that’s exactly what is happening.

[blueunicorn6]

Gimmegimmegimmegimmegimmewhocaresabouttomorrow?Let’seatdrinkandbemerryOpa!Opa!Opa!gimmegimmegimmegimmegimme

[Oatka]

Politicians will kick the can down the last 3 feet of road, but Mr. Market is bigger than Mr. Government.

They're all gonna learn the hard way:

(Thank you pookie18)