There’s a broad expectation that today’s confidence vote in Greece will pass, that the country will pass austerity measures next week, and will get another slug of cash to avoid imminent default.
But the assumption of default in the relatively short term is still clearly baked in.
Greek 2-year debt yields a cartoonish 28.118%, which is actually down from above 30% during the white-knuckle days from last week.
Whatever can is kicked (to use a cliche that everyone should be getting tired of by now) the market doesn’t expect it to go far.
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