Bond yields say it's over for Greece
Greek one year bond yields have now gone above 1000%.
That's right: ONE THOUSAND PERCENT.
One has to wonder what happens on March 9th, whether the leadership of Greece (not its citizens) will be able to bluff its way into another round of bailouts. Bear in mind that they are getting this bailout not to sustain the country or stabilize its financial situation, but so that Greek citizens may continue to pay out to the various banks and thereby stave off a default of those same foreign banks. That bill for a default is likely north of one trillion, which is a lot of money, which explains the contortions the banksters are willing to go through to prevent such a scenario.
Bad banking is bad business filled with bad behavior. The best protection against such bad business behavior is bankruptcy. It stops it cold.
I think it s time to call this one.