Greece on Thursday suffered a further punishment ofrom the markets. The third upward revision of its public deficit figures in just six months. Eurostat, the Statistical Office of the European Commission, raised the Greek deficit figure of 2009 to 13.6% of gross domestic product (GDP), compared to 12.9% set a few weeks ago and warned there might still be another upward revision. The effects of communication of such data led to a decline of Greek debt securities and more expensive funding. The return on the benchmark 10-year stood at 8.78%, which means that the Greeks must pay 5.73 percentage points more interest than the Germans to place the debt markets.

Similarly, the cost of two-year note shot up to overcome the barrier of 10%, marking a maximum of 10.1% compared with 0.86% German bond. Normally, longer term rates are higher. In this case, has reversed the rate curve, a symptom that investors believe that Greece will not be able to meet its debt and perhaps even with the rescue of Europe and the International Monetary Fund (IMF), can not avoid restructuring or a moratorium. Insurance against default on debt (CDS) Greek also soared to record levels.

The crisis had a rapid onset of infection, raising the differential with respect to the 10-year German bond or other countries. The profitability of the titles of Portugal rose 18 basis points (100 basis points is one percentage point) to 4.92%, with a spread of 187 basis points over Germany. Ireland, whose final figures show a deficit of more than 2009 by Greek support its financial sector, suffered a similar punishment to the Portuguese and their risk premium stood at 172 basis points. In Spain, the spread was smaller, but the increase of 3.86% to 3.93% on the profitability of the bond risk premium stood with Germany on 88 points. The euro fell to $ 1.331. The bags also suffered heavy losses, especially peripheral.