By now, everyone knows that “Greece is Saved” even though 2-year government bonds are trading today at 28.3%, up from 26.62% at the open.

Let’s turn our attention away from Greece to the “Not Saved Yet” group of countries including Spain, Portugal, Ireland, and the big Kahuna, Italy.

Portugal 10-Year Government Bonds – 13.05%

Ireland 10-Year Government Bonds – 12.43%

Greece 10-Year Government Bonds – 16.82%



Spain 10-Year Government Bonds – 5.61%

Italy 10-Year Government Bonds – 5.12%

Please note that 10-year yields in Italy are now approaching 10-year yields in Spain.

Also note that yields are not up across the board in Europe.

Germany 10-Year Government Bonds – 2.93%

Today’s Scorecard

Country Yield Change New High Saved Spread to Germany
Germany 2.93 -0.08 0
Portugal 13.05 +2.03 Y 10.12
Ireland 12.43 +0.89 Y 9.5
Greece 16.82 +0.30 Y 13.89
Spain 5.61 +0.13 2.68
Italy 5.12 +0.12 Y 2.19

I don’t know about you, but I am sure glad “Greece is Saved”. I look for equally impressive results when Portugal, Ireland, Spain, and Italy are “saved”.

Mike “Mish” Shedlock
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