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Monday, July 11, 2011 12:00 PM


European Government Bond Spreads at Record Highs vs. Germany; 2-Year Spreads: Greece 30.09, Portugal 17.11, Ireland 16.58


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10-Year Government Bond Yields and Spreads vs. Germany

CountryYieldChangeYield HighSpread Spread High
Germany2.67-0.16 0
Portugal 13.31+0.39Y10.64Y
Ireland13.34+0.43Y10.67Y
Greece17.02+0.16 14.35
Spain5.96+0.28Y3.29Y
Italy 5.61+0.34Y2.94Y


2-Year Government Bond Yields and Spreads vs. Germany

CountryYieldChangeYield HighSpread Spread High
Germany1.25-0.20 0
Portugal 18.36+0.87Y17.11Y
Ireland17.83+1.40Y16.58Y
Greece31.34+0.96Y30.09Y
Spain4.18+0.41Y2.93Y
Italy 4.11+0.60Y2.86Y


Notice those incredible spreads on 2-year yields.
Greece 30.09, Portugal 17.11, Ireland 16.58

ECB president Jean-Claude Trichet can scream "no defaults" all he wants but the bond market simply will not go along. For the charts that made up this post, and for additional commentary, please see ...


These numbers likely have Trichet and EU officials ***ting bricks. What are they going to do, up the size of the bailout fund to infinity?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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