Greek yields rise a mere 82 bp today

Another day, another melt-down in Greek debt.

Greek 2-year paper yields 25.6%, rising 1.35% just today. 40-year paper yields 16.18%, up a more muted 82 bp today.

The market continues to price in a very high chance that Greece will be forced to restructure its debt but EUR/USD remains unconcerned at that prospect. So long as central banks diversify reserves, prices go up. That can change in a hurry, so if long, make sure to have a stop or some options protection should the market suddenly begin to price in a restructuring from a currency perspective.