We have been gently reminding readers for the last few weeks that Greek bonds and stocks have not been dancing to the same tune as the European Union's leaders' proclamations of victory but today it seems the fears are spilling over into other assets. With the closure of the nation's state-owned TV station ERT, it seems the coalition is rapidly coming unglued [3]. The highest of high beta liquidity-fueled momentum dash-for-trash trades are discovering that large crowds and small doors don't mix as the marginal 'flow' is slowing (or feared to slow). Greek stocks are now notably underwater for the year (after being up almost 28%) and Greek bonds are down almost 17% from their highs just a few weeks ago...
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