European Bond Yields 3/9/12

The Greece debt swap deal forges ahead, never mind that those choosing not to participate are currently having their arm twisted behind their back. ISDA (International Swaps and Derivatives Association) announces today whether the Greece deal will trigger billions in default insurance. Yields are flat to lower.

10-Year Yields:
Greece 36.56%
Portugal 13.67%
Hungary 8.63%
Ireland 8.21%
Spain 4.98%
Italy 4.73%
Belgium 3.40%
France 2.87%
Netherlands 2.27%
U.K. 2.15%
U.S. 2.01%
Germany 1.81%

Portugal is the next major concern moving forward.  Spain is wrestling with the 5% level and now steadily above Italy. Portugal, Hungary, Ireland, Spain and Italy remain a troubled bunch. This drama will play out for the months and years to come.

Note Added 3/9/12 at 8:02 AM EST: Eurogroup's Juncker says Greece will activate the CAC's (Collective Action Clauses) on bonds.

Note Added 3/9/12 at 3:00 PM EST:  Greece has officially defaulted on tis sovereign debt.  ISDA says the Greece restructuring triggers a credit event. This was all expected but the news is intense nonetheless. The euro is relatively unchanged.