This is what it looks like when the market completely loses faith in a country’s finances.
This chart shows the yield on 6-month Ukrainian government bills.
Yields have been on the rise since the beginning of the year, when political instability began to take hold in the country.
Today, the 6-month yield is 46.9% — 23 percentage points above where it closed on Friday, before the escalation of military tensions that took place over the weekend on the border between Ukraine and Russia.
If you think Ukraine won’t go bust, you can get a yield of 46.9%.