Greek 1 Year Bond = 1006%
Another day, another reminder that all those who listened to "pundit" calls for loading up on Greek 1 year bonds which hit 100% for the first time ever in September of last year, are now broke to quite broke. As of this morning the Greek 1 Year Bond has just passed 1000% and was down to just 20.5 in cash terms, further making the case for a Greek redefault in just over a year, as pre-petition bondholders make it abundanatly clear they don't expect to collect much more than one cash coupon in the "fresh start" country. In other news, Greek CDS just hit a new all time high of 77 pts, and the basis package is at a record of 98.5. It appears that the IIF fearmongering has not stopped all those who wish to have a basis package going into Thursday from doing just that (because for the cheap seats, CDS prices go up when there are more buyers than sellers).