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Greek 2 Year Bonds Now Yielding Record 22%, Price On 10 Year Bonds 59 Of Par

Tyler Durden's picture




 

Just a quick reminder that the world continues to burn: the yield on the Greek 2 Year bond has just climbed to 22%, an all time record. The actual price is 74.25%. And far more jarringly, the 10 Year is 59 cents on the euro. A 40% haircut is now effectively priced in by the market.

 

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Wed, 04/20/2011 - 10:51 | 1188054 Ivanovich
Ivanovich's picture

I guess that's why the EUR is pushing highs again, and the S+P is up against it's yearly high as well?

Wed, 04/20/2011 - 10:56 | 1188084 SheepDog-One
SheepDog-One's picture

S&P negative for the year...EUR and Fiatsco winos staggering down the alleyway arm in arm propping each other up when one or the other stumbles.

Wed, 04/20/2011 - 10:56 | 1188070 scratch_and_sniff
scratch_and_sniff's picture

ach sure, not to worry.

Wed, 04/20/2011 - 10:54 | 1188071 Double down
Double down's picture

This may be a weekend of hair cuts and margin requirement hikes.

Wed, 04/20/2011 - 10:57 | 1188077 SheepDog-One
SheepDog-One's picture

What? Well I havent seen any bubblehead C- journalism student turned economic expert on CNBC mention any of this. Cant be true. Freaking unicorn dew shooting out of my TV all over the carpet.

Wed, 04/20/2011 - 10:57 | 1188080 Herne the Hunter
Herne the Hunter's picture

22% a year is just about enough to tame inflation. HPQ up 3%, nuff said

Wed, 04/20/2011 - 10:57 | 1188081 Double down
Double down's picture

When is the dollar going to bounce?  This ride is getting a bit frightening.

Wed, 04/20/2011 - 13:59 | 1189072 topcallingtroll
topcallingtroll's picture

Hopefully soon.

Wed, 04/20/2011 - 11:06 | 1188150 hugovanderbubble
hugovanderbubble's picture

60-70% Haircut INMINENT

Wed, 04/20/2011 - 11:31 | 1188303 willien1derland
willien1derland's picture

OMG - FRENCH BANKS WILL FACE INSURMOUNTABLE IMPAIRMENTS! - Does Trichet request a Bernank 2011 Super Fiat Printer from Berlin?

Wed, 04/20/2011 - 11:09 | 1188155 carbonmutant
carbonmutant's picture

NBG is .10 away from it's all time lows...

Wed, 04/20/2011 - 11:08 | 1188160 TINN
TINN's picture

only 15 days till Mexican Standoff..

bring popcorn

Wed, 04/20/2011 - 11:13 | 1188181 Bubbles the cat (not verified)
Bubbles the cat's picture

Only 40%!?! That ain't the Greece I know.

Wed, 04/20/2011 - 11:16 | 1188200 hedgeless_horseman
hedgeless_horseman's picture

Yield rally.

Wed, 04/20/2011 - 11:18 | 1188224 Ned Zeppelin
Ned Zeppelin's picture

Looks like Greece would do better with a couple of Capital One cards in their wallets.

Wed, 04/20/2011 - 11:25 | 1188257 QQQBall
QQQBall's picture

So what is the default insurance permium? TIA

Wed, 04/20/2011 - 11:29 | 1188288 willien1derland
willien1derland's picture

And I thought I was confused, but NOW I can say without reservation that I am profoundly lost - The only answer that seems reasonable is that the markets are going parabolic in an attempt to force the 'back channel' discussion in Washington DC to ensure Debt ceilings are increased & the Bernankster carries on with QE4EVER - meanwhile the real economy is grinding slower & the divergence between paper & reality extends beyond practical reason...and REMIND ME WHY WE NEED A GOVERNMENT?!

Wed, 04/20/2011 - 11:28 | 1188299 JoeSexPack
JoeSexPack's picture

How did you get a price of 74.25% for the 2 year?

Or 59 cents/Euro for the 10 year?

Just wondering how the annual interest computes to these discounts...

Wed, 04/20/2011 - 16:06 | 1189708 JoeSexPack
JoeSexPack's picture

All explanations welcome, from Tyler or elsewhere.

Just asking.

Wed, 04/20/2011 - 11:33 | 1188309 Zero Govt
Zero Govt's picture

22% still not high enough..

...given anything longer than a 3 Year Bond you'll never ever see your money again!

Wed, 04/20/2011 - 13:56 | 1189058 topcallingtroll
topcallingtroll's picture

You forgot you get a free maturity extension with each haircut.

You will get your money back.....snicker.

Wed, 04/20/2011 - 11:39 | 1188350 Dick Darlington
Dick Darlington's picture

Look at the complacency of the "market". European equities close the day up 2%+. WTF!

Wed, 04/20/2011 - 12:03 | 1188474 Peak Everything
Peak Everything's picture

Finally, people can get a decent return on their savings.

Savings good. Debt bad.

Wed, 04/20/2011 - 12:07 | 1188481 QE4EVER
QE4EVER's picture

If you think the EUR is strong now, wait til' you start getting peripheral defections....

Wed, 04/20/2011 - 12:13 | 1188522 ivars
ivars's picture

I had correctly predicted increase in silver price growth speed here, in this March 13th graph.

http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a&sta...

 

But I made that prediction correctly based on consequent correction to 25-28 USD. Have i also predicted correction correctly ( that its coming soon) , and the level of correction price ( its 45 USD in the graph, could be of course even >50 USD in the peak as well as prices move very fast in superexponential growth region)?

We shall know in less than a 2 weeks.

The interesting thing is , stocks has to drop at the same time, as USD value will be somewhat temporarily restored vs. silver and also a bit vs. gold, but oil price should not change dramatically.

Is Iran going to do something stupid? I have no idea what could cause all these events simultaneously. Or some too big to fail bank may fail?

Wed, 04/20/2011 - 12:19 | 1188540 QQQBall
QQQBall's picture

Rumour: Grease CB in discussions with PayDay Loans for bridge financing. ;)

Wed, 04/20/2011 - 13:15 | 1188794 Miles Kendig
Miles Kendig's picture

And far more jarringly, the 10 Year is 59 cents on the euro. A 40% haircut is now effectively priced in by the market.

And THE catalyst of why Germany wants to restructure ASAP.  They have come to appreciate that it will be 40c to the Euro by this time next month.  They'll just pump Ben for the fx swap lines to recap.  F12  F12  F12  and it's done

I wonder when Ireland, Portugal, Spain, Italy et al will wake up and jump aboard the train that is now departing from gleis 8 3/8?

Wed, 04/20/2011 - 13:50 | 1189016 THE DORK OF CORK
THE DORK OF CORK's picture

If I had inside knowledge that the ECB would monetize on  a gigantic scale I would buy this paper.

Evelyn , you know I think you are a real nice guy , really I do

Wed, 04/20/2011 - 15:05 | 1189411 Cull Morgan
Cull Morgan's picture

Yup, the steamroller still looks pretty far away to me. I might just try to pick up a few dimes before it gets here.

Any idea how to find ISIN, or even better, CUSIP, for Greek bonds?

Wed, 04/20/2011 - 18:44 | 1190322 THE DORK OF CORK
THE DORK OF CORK's picture

Sorry Cull , I don't -  I am just a Dork

Wed, 04/20/2011 - 19:17 | 1190412 Miles Kendig
Miles Kendig's picture

Which day of the week is have a whiskey day DOC?

We'll share this week, I got a little extra ration ..

Wed, 04/20/2011 - 14:02 | 1189026 topcallingtroll
topcallingtroll's picture

Dp

Wed, 04/20/2011 - 13:53 | 1189037 topcallingtroll
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Did anyone notice it is 420?

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