Don’t listen to people saying the market isn’t reacting to news that Greece will formally ask the IMF for help. The Euro may not look like it has done much over the last 24 hours…
But… Greek 10-year bonds are rallying hard. They had hit 8.80% last night, they were 8.15% just 30 minutes ago, and now they have broken down below 8% according to Bloomberg. Greek bond traders are clearly loving even the latest confirmation. Yields have now gone from 8.80% yesterday now below 8%:
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