Yesterday’s horrorshow continues.
Yield on 2-year Greek debt is now close to 25%.
The most stark way to visualise what’s happened is to look at a 1-year chart on this, because we’re just about to come on the 1-year anniversary of the bailout. Look at how yields collapsed when that was first announced, look how low they stayed, and look how low the previous peak seems in compared to this one.
Definitely a depressing austerity fail.