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Re: Greece: ‘We don’t need no stinkin’ restructuring’

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  • Mon, May 03, 2010 - 12:27pm

    #12
    Peak Prosperity Admin

    Peak Prosperity Admin

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    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.

http://www.bloomberg.com/apps/news?pid=20601009&sid=aJU7oabu1jX4

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.