The risk trade is also getting a boost from a Bloomberg story outlining different ways the ECB could participate (ie lose money) in the Greek PMI deal. One idea is to sell the bonds at the price it paid (not the price it’s at now) to the EFSF. The EFSF is said to be against it. Another is to give up profts Another to take a loss None of the ideas are said to have gained traction (full story)