Re: Greece: ‘We don’t need no stinkin’ restructuring’
Monday morning market reactions:
The yield on the Greek two-year note slid 216 basis points to 11.41 percent at 10:30 a.m. in London.
The EU package failed to lift Portuguese and Spanish bonds. The yield on Portugal’s 10-year bond rose 2 basis points to 5.29 percent while Spain’s advanced 2 basis points to 4.08 percent.
The European Stoxx 50 index is down 0.6%, while gold and crude oil are both up more than 0.2%.
Hardly a ringing endorsement — a successful bailout typically produces a monster rally in stocks. A double-digit rate on two-year notes is still a crisis level. Today’s damp squib reaction feels more like a freeze frame in a train wreck movie.