Greek one-year bonds march relentlessly towards a yield of 100%.
No Comments from Trichet, ECB, or EU
During this massive spike, there has been no comment from outgoing ECB president Jean-Claude Trichet, incoming ECB president Mario Drahgi, or for that matter anyone in the ECB or EU regarding Greek bond yields and the implications of this move.
Here is some advice for Trichet and Drahgi: If you ignore a default, it will not go away.
Not that Trichet is listening, but I offered additional advice in Trichet Warns Heads of States; Italian President Warns “Markets Lost Confidence in Italy”; IMF Warns again on Bank Capitalization; Mish Warns Trichet
Mike “Mish” Shedlock
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