Markets are breaking down around the world and somehow Greece is part of the discussion. Over a year ago we suggested on this blog that a Franco-German exit and leave the Euro to everyone else was a better solution. Swaps and TEDs are starting to bubble but haven't blown out ,,yet. Front Eurodollar contracts have broken down and imply 65bp settings. The Bobl (German 5 yr) is at 48bp. There is no reason for the ECB to be holding the rate at 1% in this environment. This is bad central banking.