Greece's Plan To End Its Bailout Is Now Looking Ridiculous

The European Commission says it's standing ready to give Greece whatever support it needs, and it doesn't want a hasty end to the bailout programme, according to Reuters.

"Europe will continue to assist Greece in whatever way is necessary," said a spokesman for the Commission.

He added: "We will work to ensure a smooth evolution of support for Greece after the end of the current program."

The Financial Times also reports that the European Central Bank will extend another €10 billion in liquidity to Greece's banks, which have been hit hard as the Athens Stock Exchange crashes: it's down 1.74% today, and more than 25% since the start of the year.

The Greek government planned to exit its bailout a year early just days ago. Not only does that now seem completely impossible, but it looks like the existing level of support might not even be enough.

And now the cost of Greece's bonds is going through the roof:

The cost of servicing Greek government debt is rapidly rising, with 10-year bond yields hovering just below 9% this morning. Greece's plans to fund itself from 2015 onward seemed like a longshot when yields were 6%, and they're now looking absolutely ridiculous.