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Greece is gone and the Contagion will be here in the morning.
12:11 PM Greek bond yields jump to astonishing levels, essentially pricing in a "hard default" as austerity without devaluation is cratering the economy, assuring the country will miss its fiscal targets. At some point, it will be politically impossible for the EU to continue wiring funds to Athens. Greek 1 year paper +1000 bps to yield 82%, 2 years + 317 bps to 50%
All the hope and lies and here it is........Point of no return and America is next.
Fed Ben will have the curtain pulled back and Toto will bite his ass.............gb