Wednesday, June 15, 2011

Greece Update

by Calculated Risk on 6/15/2011 04:13:00 PM

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.

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 Financial Times: Greek contagion fears spread to other EU banks

• 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):
Greece2 Year5 Year10 Year
Portugal2 Year5 Year10 Year
Ireland2 Year5 Year10 Year
Spain2 Year5 Year10 Year
Italy2 Year5 Year10 Year
Belgium2 Year5 Year10 Year
France2 Year5 Year10 Year
Germany2 Year5 Year10 Year