I don't understand Greek 10 year bond yields. Last time I looked (about 2 weeks ago) they were ~ 10%. I see a big haircut or total default as a certainty, so why aren't they ~ 90% ? Possible answer: The public do not own Greek govt bonds - only sovereign central banks. No individual or fund in their right mind would buy. So IMO, European governments are already accomodating Greece by not making them face the real market.
Any comments?