Greece 5Y CDS Spikes to 3,399 bps, Judgment Day is Near (Chart, 9/9/2011)

Greece's five year credit default swap spiked to 3,399 basis points today, up 20.37%. The detailed quote on today showed the contract hitting a high of 3,623 basis points. In other words, the cost to insure 5-year Greek government bonds rose to 33.99% per year, or $3,399,000 to insure $10 million of Greek five year bonds. Judgment day is near. Will selling off (or collateralizing) state assets prevent a default? Links: "Greece says to speed up privatisation plan" (AFP, 9/7), "Greek state assets seen as collateral for new bailout" (EurActiv, 8/26). GGB yields are very high as well.

1-year Greece Government Bond yield, 97.964% (Bloomberg)
2-year Greece Government Bonds Yield, 56.97% (Bloomberg)
5-year Greece Government Bond Yield, 25.62% (Bloomberg)
10-year Greece government Bond Yield, 20.55% (Bloomberg)

"German Finance Minister Prepares for Possible Greek Bankruptcy" (Spiegel)
"Germany Is Said to Prepare Plan to Assist Banks If Greece Defaults on Debt" (Bloomberg)
"Papandreou to Defend Austerity as Greek Default Bets Mount" (Bloomberg)
"Greece Dismisses Default ‘Rumors,’ Says Committed to Agreements" (Bloomberg)
"Market Chatter Of Greek Default Over The Weekend" (Zero Hedge)
"Truglia Says Greece Is `Very Close' to Debt Default" (Washington Post/BloombergTV)
"A Greek T-bill oddity" (FT Alphaville)  - 3, 6-month bill yields aren't updating on

Greece 5Y CDS (Source:

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