Ka-Boom: Yield on Greek two-year notes increases

The Greek economic bomb just exploded. Investors have completely abandoned any hope that Greece can make it on its own. Either the EU/IMF needs to take drastic action or Greece is going to default within two weeks.

How bad is it getting, Greece is viewed as worse than Pakistan, and some are saying it will need a bailout of up $100 billion (with a big "B"), see here. That's nearly double the initial estimate of $59 billion.

Yield on Greek two-year notes increases: "From Bloomberg: Stocks Drop as Sovereign-Debt Crisis Spreads; Greek Bonds Slump

[Y]ields on Greek two-year notes jumped to a record 26 percent ... The yield soared almost 600 basis points at one stage today. Ireland’s jumped 90 basis points to 4.64 percent, Portugal’s increased 93 basis points to 6.24 percent and Spain’s rose 20 basis points to 2.26 percent.

The IMF, ECB and German officials are meeting today. They have scheduled a press conference at 9 AM ET, to be followed by a press conference with German Chancellor Angela Merkel at 10:45 AM ET."