Wall Street Journal
March 7, 2011
The the euro is holding above $1.40, shaking off Moody’s decision to downgrade Greek debt yet again. Plainly stated, the market does not seem to care too much. The spread of Greek 10-year debt to the euro-safety benchmark of Germany is up a bit more than two basis points — o.02 percentage points – pretty paltry. On the short end of the curve, however, Greek two-years have widened out 35 basis points to Germany. The euro wobbled a bit initially on the news but regained the $1.40 level. Prices for credit default swaps on Greek debt have picked up at bit, indicating at least some reaction. At last glance, Markit data has Greek 5-year CDS 22 basis points wider.
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