Yesterday, Greek prime minister Antonis Samaras called a snap presidential election hoping to retain power even though he failed to deliver on his promise to end Greece’s €245bn troika-sponsored bailout.
Today, the markets threw a fit. Yield on the Greek 10-year bond soared from 7.258% to 8.17%. This is below the spike high on October 16, but the trend is clear. Yield is up 257 basis points (2.57 percentage points) since September 10.
Greece 10-Year Bond Yield