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It's once again like 2011 crisis as Investors show concern over Greece, sending the country's short term bond yields once again above 20%.
- The three-year Greek bond yields, that fell by almost 12% after a bailout extension was agreed upon in February but rose sharply over the past few trading sessions.
- Greece is currently left out of ECB asset purchase program as ECB has reached 33% issuer limit as of now. ECB has also stopped accepting Greek bonds as collateral.
- Recent information suggests that talks have stalled over reparations from WWII and debt restructuring.
- The yields have climbed near 100 basis points today after Friday's rise of 172 basis points. 10 year yield is still trading at 10.6%.
- Current deadline of April 20 may not be enough to close the gaps between Greece and its creditors mainly Germany. Countries like Slovakia, Finland remain highly skeptical on providing further funds to Greece.
- So far, Greece has been able to pay off the debt it owes to IMF in March, but potential for default rises. Moreover Greek remains shut off out of the market and European leaders are not ready to accept an increase in ceiling over its short term borrowing.
- Time is short as the country suffers with liquidity. Euro which is now trading at 1.059 won't be able to keep eyes off Greece for long should a default scenario occurs.
