Bond Market Anticipates Greek Default; New Highs in Greek, Irish, Portuguese Bond Yields; Spain Downgraded on $21 Billion Bank Capitalization Concern

I sit dazzled at the idea the ECB is going to hike three times smack in the face of a renewed sovereign debt crisis in Europe.

Greek, Portuguese, and Irish government bond yields are at fresh highs and Spanish government yields are flirting with new highs. Topping off recent action, Moody's downgraded Spanish government debt on bank capitalization concerns and the market once again anticipates a Greek default in spite of a $153 billion bailout.