The most sensitive financial instrument to the reality of the situation in Greece is flashing redder than it has ever flashed before. After trading at par just 9 months ago when everyone was proclaiming the Greek crisis over, Greek bank bonds are now trading at a stunning 55 cents on the dollar... For anyone "hoping" that a deal is nigh, real money investors are saying "nein nein nein."
[4]
With The ECB's decision on ELA due today, we suspect the news wil lnot be great.
One has to woinder just who or what is suddenly buying EU stocks as contagion sporeads across Europe's entire financial system?
[5]
Charts: Bloomberg
