God, I do hope so.
EU debt costs rise after Ireland downgrade, Greek delays
Borrowing cost for the eurozone's most indebted economies rose on Friday after Moody's cut Ireland's rating to just above "junk" and Greece delayed fleshing out fresh austerity and privatisation plans.
According to the Telegraph. The UK is also up a certain creek with no means of propulsion too, but the idiots here refuse to believe it.
Next up Spain.
And and interesting graph illustrating the market’s expected price for giving Greece a loan. Note the curve:
It seems that the ECB has now resigned to letting Greece fail. While previously any time we had a whopping 2 point drop in one day the ECB would promptly step in and be the buyer of only recourse in peripheral debt, it has been deathly silent today. And as the chart below demonstrates Greek debt is about to go bidless: a par 10 Year note is trading at 62, with the resulting yield now literally going parabolic. And the 2 Year is now at 16.5%.
The above comes from Zero Hedge. Rather illuminating, don’t you think?
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