At this point the Greek bond market is pretty much irrelevant, although it bears pointing out that the 3 Year is now at 28.6%. Also, the price on the 4.6% 30 year just hit 40.5 cents on the dollar. That Cheapest to Delivery physical CDS settlement sure is going to be fun, and for nobody more so than for the ECB, which will suddenly find itself with a basement full of live collateralized grenades that are not only worthless but that will set off the avalanche that annihilates the asset side to the EUR liability side.
3 Year Greek Bonds Trading At 28.6%
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