Odds are details of a finalized Greek bailout plan will come out over the weekend rather than on a Friday night.There is no rush to get the news out since European markets are now closed.
I’m still a bit mystified by Greek bond spreads trading anywhere near 400 bp at the close of European trade if Greece is going to be able to borrow the bulk of its remaining 2010 borrowing at between 3.40% and 3.76% on an outright basis… The market ain’t buying one aspect or another of this story, which should limit EUR/USD gains until that uncertainty is removed.
