Bond markets are heading for a “perfect storm,” according to Andrew Bosomworth, head of PIMCO’s German portfolio management. Bosomworth was speaking to Bloomberg’s Countdown program early Friday.
As if to prove a point, the Greek government’s 10-year bond yield spiked above 9%. The cost of servicing Greece’s government debt is now at its highest level in 2014 so far, pretty much killing the government’s plan to leave its bailout early.
And according to a note from Pantheon Macroeconomics this morning, though they are still low in comparison to their euro crisis highs, we are seeing “clear and acute signs of stress in Portugal, Spain and Italy.”
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