Greek CDS's Exploding After Horrible Debt Auction (Blamed On Easter)

greece strike

Greek credit default swap spreads rose to 303 basis points from 293, after a weaker than expected Greek bond auction according to Zero Hedge. ‘The recently auctioned off 10-Year bond saw preliminary demand of €16 billion. The current order book is just 1.4x covered, at barely €7 billion in demand.’

Some are blaming the easter holiday for the disaster which ZH finds hilariously ridiculous.

European CDS’s are reacting negatively as well.

Note this comes even after signs of financial backing from the IMF and the Eurozone. Greece isn’t out of the thickets yet…

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