PIG+S Update With Portugal And Greece At Record Yields
Almost a year to the day from the first Greek bailout, we thought we would revisit just how successful Europe has been in masking its pervasive insolvency, and just how far Europe has ultimately gone over the past year. As the chart below shows, pretty far. Especially if one measures the displacement by the shift in the Greek bond curve whose 3 year point just passed 18%. Buy it, hold it for 5.5 years and double your money.
An MC Escher perspective of what yield curves should look like:
And here is who continues to be late to the bailout party (due to being stuck in Beijing for the time being, bribing the local politburo with trinkets, spices and Marbella beachfront property).
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