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European Government Bond Spreads at Record Highs vs. Germany

2-Year Spreads: Greece 30.09, Portugal 17.11, Ireland 16.58

10-Year Government Bond Yields and Spreads vs. Germany

Country Yield Change Yield High Spread Spread High
Germany 2.67 -0.16 0
Portugal 13.31 +0.39 Y 10.64 Y
Ireland 13.34 +0.43 Y 10.67 Y
Greece 17.02 +0.16   14.35  
Spain 5.96 +0.28 Y 3.29 Y
Italy 5.61 +0.34 Y 2.94 Y

 

2-Year Government Bond Yields and Spreads vs. Germany

Country Yield Change Yield High Spread Spread High
Germany 1.25 -0.20 0  
Portugal 18.36 +0.87 Y 17.11 Y
Ireland 17.83 +1.40 Y 16.58 Y
Greece 31.34 +0.96 Y 30.09 Y
Spain 4.18 +0.41 Y 2.93 Y
Italy 4.11 +0.60 Y 2.86 Y

 

Notice those incredible spreads on 2-year yields.

Greece 30.09, Portugal 17.11, Ireland 16.58

ECB president Jean-Claude Trichet can scream "no defaults" all he wants but the bond market simply will not go along. For the charts that made up this post, and for additional commentary, please see ...

These numbers likely have Trichet and EU officials ***ting bricks. What are they going to do, up the size of the bailout fund to infinity?

 

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