Wednesday, June 15, 2011

Greek Yields Soar as Protesters Hit the Streets



Tens of thousands of protesters have formed a human shield around the Greek Parliament to prevent lawmakers from debating new austerity measure.

Yields on Greek bonds are at their highest level since the introduction of the euro. The benchmark 10-year Greek bond has climbed 0.54 basis point today to 17.7%, with the bond now trading at close to half its face value in price terms. The two-year yield surged by 1.6 percentage points to 26.77%
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The cost of insuring Greek debt against default risk continued to rise to new record levels, with the five-year credit default swap spread on the country 1.36 percentage points wider at 17.25 percentage points, according to data provider Markit, reports WSJ.

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