By Dave Anderson:
The Greek 1 yr yield is rising another 635 bps to 94.85%. The Greek 2 yr is up by 260 bps to 54.9% and the 10 yr yield is above 20%.
Time for the Greek government (actually time was a year ago) to just default and let the creditors take their losses for being horrendous risk managers. Most loan sharks would be embarrassed to offer loans at those rates.
The other option for the Greek government and their version of the Very Serious People is even more crippling austerity that somehow does not lead to economic growth but allows for them to inflict unneccessary pain down the income and asset ladder.