Quotes from UniCredit Research:- In the short term, Greek assets are likely to stay under pressure as uncertainty remains very high. 10Y yields could easily reach the 11/13% range (which was prevailing in the first half of 2013). – Marketable debt in Greece is relatively small (ca. 25% amounting to EUR 77bn, of which about 27bn are held by the ECB) and, in case another adjustment is needed to make public debt sustainable an OSI would be more effective than a second PSI. – But whether this would happen after smooth negotiation or in a more tense situation (which would mean a second PSI would become also likely) is very hard to predict. This level of uncertainty makes it very risky to take a bet on GGBs; and it's unlikely that being long Greece will be a popular trade anytime soon.
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