Greek 1 yr yield now above 90% but stocks up 8% today

The Greek 1 yr yield is rising another 635 bps to 94.85%. The Greek 2 yr is up by 260 bps to 54.9% and the 10 yr yield is above 20%. Also, 5 yr CDS is at a fresh record high at 2770 bps. At the same time, the Greek stock market, closed one hour ago, was up 8%. Maybe stocks realize that a large debt haircut is now inevitable which would be very constructive for the economic future of Greece but to the pain of its bondholders, including some very large European banks.

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