Something Gone Very Wrong: Greece’s 5-Year Trades Below 5-Year UST

So unlike 1999, when it was Nasdaq prices that set Edwards off, this time it was the yield on the Greek 5Y government bond that inspired shock in the SocGen strategist, to wit: “I certainly think the decline in the 5y Greek government bond yield to 2.28%, below that of the US, counts as such an event (they were recently yielding 20%!). @mnicoletos on Twitter highlighted the chart below with the comment, “if you can’t find anything wrong with this chart then I’m afraid there isn’t much to say….”