If it seems like it was only 5 days ago that Greek bonds could be had for the blockbuster yield of 638%, it is because it was As of today, the same bond was yielding an even more ridiculous 763% (and remember when the MSM fluffers were telling you to buy these at the bargain basement yield of 100% in September 2011?). This price has nothing to do with the Fitch action on the country which is irrelevant, and all to do with the fact that, as noted previously, the cash coupon on the post-reorg bonds was cut once again, this time from 3.6% to just 2%, and the current price on non UK-law bonds is merely indicative of the cash on cash return investors in these bonds expect to make. It also means that the market expects a redefault in just about 1 year. And yes, we realize that at bond prices in the high teens, the yield curve is absolutely meaningless but it is still highly entertaining to watch as Greek bond yields are about to hit quadruple digits, which in itself is very indicative of the recoveries one can expect in a global sovereign ponzi, and yet the powers that be tell us this is a perfectly normal phenomenon, i.e., there is no default, and thus there is no reason to hedge for it. Alas, the whole world has gone mad.