Yesterday’s greek carnage continues as stocks and bonds in the Hellenic State collapse further. The Athens Stock Exchange Index is now down over 18% from Monday’s highs and yields on the 3Y GGB have exploded to 9.35% (pre-bailout levels) and are 75bps inverted to 10Y. The ongoing fear of fallout from a snap-election victory for anti-EU Syriza has also spread to the rest of the perihpery where Portuguese, Italian, and Spanish bond spreads have all started to crack wider. The beneficiary of this risk aversion so far are Bunds and Treasuries and precious metals where silver is surging higher.
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