This is rather amazing.
I’ve got a different Greek phrase to use: Ιερά χάλια.
Greek 1 Year Sovereign Bonds Pass 1000% – Opa!
March 5, 2012
Anthony B. Sanders
The Institute for International Finance (IIF) has released an opinion discussing how a disorderly Greek default would cost over $1 trillion Euros.
And the 1 year Greek sovereign debt yield breaks 1000%!
That is the YIELD, not the coupon rate. The 1 year Greek sovereign coupon rate is 4.1%.
While the Eurozone touts that they have solved the Greek credit crisis (at least for the moment), investors don’t seem too mollified.
Opa! Your economy is on fire!
For the record, Greece just officially defaulted on its debt. But said debt default was couched in the financialese terminology of a “credit event” and of course barely reported.