Greek 10-year yields broke through 13% yesterday, and they’re even wider today.
What’s the solution? More austerity.
According to Bloomberg, the country will unveil a plan for about $32 billion more in deficit reduction through 2014, most of which will be in the form of spending cuts.
So far austerity measures in Greece have done basically zero in terms of actual solving the country’s fiscal problems. It’s not clear why they’d start helping here.
Here’s a look at Greek 10-year yields since last fall.