Into their close, Greek, Portuguese and Irish debt are all selling off. The Irish 10 yr is now at a new record high above 7% and their 5 yr CDS is at a record at 491 bps. Portugal’s 10 yr is back to 6%, a 2 1/2 week high and Greece’s 2 yr yield is back above 9% for the 1st time since Sept 23rd. While still well off its June highs, the Spanish 10 yr yield is moving to the highest since mid August and the IBEX index is down 1.5%. Between the huge haircut the Irish government is trying to impose on the holders of its sub debt and Germany’s push to codify bondholder haircuts in any future sovereign bailouts, PIG debt continues to trade poorly. Portugal’s government did agree on a budget plan for next year but as seen with Greece and their difficulty in collecting taxes and the overall impact of austerity on their economy, concerns persist.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.