June 17th, 2011, 05:35 PM
The fun is in the numbers
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But fears of a second Greek bailout drove the yield on Greece's two-year bonds above 30 per cent for the first time ever Thursday and kept the 10-year equivalent near all-time highs around 18 per cent.
Even if a second bailout is granted to Greece, many analysts think the road will still end in default, and some even wonder if Greece will stay in the 17-nation eurozone.
"While an additional bailout package may stave off near-term disaster, a major debt restructuring seems inevitable at some point and Greece's future in the currency union is looking ever more doubtful," said Jonathan Loynes, chief international economist at Capital Economics.
Some economists fear that a Greek default would trigger financial chaos like the Sept. 2008 collapse of the U.S. investment bank Lehman Brothers.
"The risk of a 'Lehman moment' for the eurozone is increasing," says Neil MacKinnon, analyst at VTB Capital."
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