European bond spreads, January 2010 - July 2011. Bond spread to German bonds shown for Italy, Spain, Ireland, UK, Greece, Portugal, and Belgium are shown. Bloomberg / calculatedriskblog.com

By CalculatedRisk
21 July 2011

This is a day to remember - Greece will now default - so this is probably worth one more post (I haven't seen a rating agency downgrade them yet). For details: STATEMENT BY THE HEADS OF STATE OR GOVERNMENT OF THE EURO AREA AND EU INSTITUTIONS.

Note: The history of the European bailouts is deny first, then act later. So naturally the following denial of additional defaults just raises the question of "when" for many observers. […]

And here is a look at European bond spreads from the Atlanta Fed weekly Financial Highlights released today (graph as of July 20th). The spreads have declined sharply since the Euro Zone announcement. […]

Note: I added arrows pointing to the various bailouts starting with the first bailout for Greece, followed by Ireland, Portugal, and then Greece again.

Greek Default and more

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