Today, Bloomberg is reporting that the cost of insuring against default on European sovereign bonds rose to the highest in eight weeks after the declaration of a “credit event” triggering $3.2 billion of Greek protection contracts. You can read the rest of this report here.
In our opinion, it appears as if coordinated efforts emanating from the global cartel of central bankers in concert with respective political authorities has thus far been successful in “kicking the can down the road” yet again.
