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Greece Is Crashing

As we explained in detail yesterday, between governments hopes to exit the bailout program early (in order to save their election) - which the market does not like the idea of - and fears over the reality of OMT, Greek markets are tumbling. Greek stocks are down over 9% - the biggest plunge in 6 years and bond yields are surging... it appears the market is demanding Draghi get back to work as the "whatever it takes" gains have been halved (Greek stocks -35% from March 2014 highs).

  • *GREEK ASE INDEX FALLS 9.3% BIGGEST INTRADAY DROP IN 6 YEARS

 

Greek stocks are down 8% and have retraced at least 50% of the "whatever it takes" gains...

 

And bond yields are surging...

 

Charts: Bloomberg