Greek bond spreads down in midday

Greek bond spreads eased in the domestic electronic secondary bond market in early trade on Friday, reflecting market relief after the French and German leaders reassured markets over a cooperation with the European Central Bank in resolving Greece’s debt problem. The German Chancellor Angela Merkel and the French President Nicolas Sarkozy stressed that any participation of private investors in a new support programme for Greece should be voluntary and noted that a solution to the problem must have the approval of ECB.
The yield spread between the 10-year Greek and German benchmark bonds eased to 14.01 pct, from 14.15 pct at the opening, with the Greek bond yielding 16.91 pct, down from 17.11 pct early in the day.

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