Euro down but bonds paint better picture in Greece as Varoufakis sidelined.
Greek 2-year yields are down more than 100 basis points today and 10-years are down 50 bps to 12.20%.
Greek 10-year yields are dropping
Greek finance minister Varoufakis has lost an power struggle with creditors and his own party. The catalyst was an announcement that Deputy Foreign Minister Tsakalotos will take over day-to-day efforts to win a deal on the EU/IMF bailout. It comes after weekend reports that European officials were frustrated with Varoufakis and trying to work around him.
"A Eurogroup meeting in Riga, Latvia on Friday descended into name-calling as the currency bloc's finance ministers hurled abuse at Varoufakis, accusing him of being a time-waster, a gambler and an amateur," Bloomberg reports.
The euro has had little reaction to the drop in bond yields in yet-another sign that Greece is less of a driver and more of a distraction.
