by Calculated Risk on 6/15/2011 04:13:00 PM
Wednesday, June 15, 2011
Greece Update
A few articles:
• From the LA Times: Fighting breaks out in Athens as thousands of Greek workers protest
• From the WSJ: Greek Leader to Seek Vote of Confidence
Greek Prime Minister George Papandreou, facing mounting opposition to his plans for further austerity measures being demanded as a price for a new bailout needed to avoid a debt default, said Wednesday he would shuffle his cabinet and demand a vote of confidence in Parliament.• From the Financial Times: Greek contagion fears spread to other EU banks
The vote is likely to herald a further bout of intense uncertainty in financial markets already rattled by the disagreements over a new rescue package.
• From the WSJ, a list of banks and countries exposed to the debt of Greece, Ireland and Portugal (ht Pat): Greece, Ireland, Portugal: Who Holds the Debt?. This doesn't include the exposure to CDS that Kash outlined last week.
The yield for Greek 2 year bonds is over 28%; the 10 year yield is close to 18%. Portuguese and Irish yields are up too.
Here are the links for bond yields for several countries (source: Bloomberg):
Greece | 2 Year | 5 Year | 10 Year |
Portugal | 2 Year | 5 Year | 10 Year |
Ireland | 2 Year | 5 Year | 10 Year |
Spain | 2 Year | 5 Year | 10 Year |
Italy | 2 Year | 5 Year | 10 Year |
Belgium | 2 Year | 5 Year | 10 Year |
France | 2 Year | 5 Year | 10 Year |
Germany | 2 Year | 5 Year | 10 Year |