The market's gaze is wandering over to Greece
When you keep seeing the word Greece popping up constantly in the wires, you know it's time to take a closer look.
The upcoming bailout discussions are grabbing the market's attention again, particularly the IMF's 'will they, won't they' participation.
Greek bonds are naturally showing the concerns.
Greek 10 year yields
The shorter end is where the nerves are starting to fray the most.
Greek 2 year yields
They're not flagging anything disastrous yet but anxiety levels are rising.
One way or another, by fair means or foul, Greece has persistently got over the hurdles to get the next money dump. The IMF are still playing hardball but they are also still heavily invested in prior bailouts, so the chances are they'll push their point to the wire before conceding some ground.
At any other time no one would be batting an eyelid at this but it's coming in a period of rising uncertainty over politics in Europe, with Brexit, French, German, Italian and Dutch elections on the cards. Sometimes all it takes is the market to smell too much risk and we then see things blowing up.
It might be too early for that right now but things will hot up as we head into March.