BOOM: Rally Evaporates, Greece Delivers Ugly GDP, As 2-Year Yields Explode Past 25%

If you’re just waking up, you didn’t realise that we had a bit of a  rally this morning.

All European indices have given up their gains.

US futures are still pointing a little bit higher.

We’ll see what happens when initial claims come out at 8:30.

A notable loser is Italy, down 0.28%.

Greek GDP was just revised sharply lower.

And 2-year yields just exploded higher to above 25%.

Update: Things have even gotten a bit worse on the Greek debt front since the leak of the Troika Report to Der Spiegel. In the report, the EU/ECB/IMF confirm that Greek austerity reforms have come to a “standstill.”

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