CDS spreads via CMA Datavision. Greece's latest 3-month bill auction shows just how little confidence markets have, still, in the nation's short-term outlook.

Some were impressed by apparently high investor demand, but the fact of the matter is that 3-month Greek bills sold at a yield of 3.65%.

As a point of reference, Germany's 10-year bond yield is 3.11% according to Bloomberg.

Thus Greece is paying far more to borrow for just 3-months than Germany does for ten years. Yet they both use the euro, and Greece is even widely expected to be bailed out by Germany in some form. Ouch.