With the heat on Greece reaching a tipping point, there is a high likelihood that something concrete out of the IMF and EU is imminent in terms of being more detailed on exactly the help Greece will get if they reach out for it. A key detail is what rate will they get to borrow at, the current punitive level or a lower subsidized one. The Greek 10 yr yield has fallen about 20 bps just over the past hour and are lower by 26 bps on the day to 7.10%, down from the intraday high of 7.51% yesterday. The 2 yr yield is back below the 10 yr at 6.93%, down 44 bps on the day and was as much as 50 bps above the 10yr yesterday.
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