Greek Default Risk Belied in Markets as Bond Liquidity Dries Up
Greece Capital Controls Likely, Default Not Inevitable
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You wouldn’t know from looking at activity in the Greek bond market that the nation may be hurtling toward default.
None of the government’s bonds traded publicly last week nor derivatives insuring them, according to data from the Bank of Greece and the Depository Trust & Clearing Corp. Still, two-year Greek notes yield 28.6 percent and credit-default swaps imply about an 80 percent probability of default.