Fra Guardian: se live Update
Greek bond yields rise as bailout uncertainty swirls
The uncertainty over Greece’s financial situation is weighing on its bonds this morning.
The yield (or interest rate) on 10-year Greek debt has inched up to 11.11%, from 11.04% on Friday night
And Greece’s two-year bond yields has risen from 20.4% to 20.8%, implying an even higher risk of default.
This follows the news that Greece still hasn’t presented an acceptable list of solid economic reforms to its lenders, despite the weekend’s negotiations.
One senior euro zone official told Reuters last night that:
“Greece did not submit a reform list on Friday. They just showed some ideas over the weekend. The discussions from Friday to Sunday were meant to help the Greeks prepare a list for tomorrow…..
We still look forward to receiving something on Monday.”
German TV news programme Tagesschau has heard a similar story this morning:09:15
Greece’s stock market isn’t sharing in this morning’s rally. The mainATG index has dropped by 1.4% in early trading, with bank shares among the fallers.
But….shares in Piraeus Port Authority have jumped by 8.5%,following reports that the government will press on with plans to privatise it. Such a move will not please members of the Syriza party, though.
Updated
Greece’s deputy finance minister Dimitris Mardas has insisted that the government hasn’t given up its demand for debt relief.
He told financial daily Naftemporiki that:
“The government has not abandoned any claim regarding its aim to make the country’s debt viable….. either there will be a haircut or it will be extended, or ….linked to an increase in output or exports, or there will be a lower interest rate.
Greek talks to resume
Talks between Greece and its creditors over its economic reform plans are due to start at 1pm in Brussels (or noon BST), according to the FT’s bureau chief Peter Spiegel:
