Greek bond yields are going wild

Varoufakis Greece

(REUTERS/Alkis Konstantinidis)Greek Finance Minister Yanis Varoufakis.

Greek debt is flipping out.

In trade on Thursday, Greek 2-, 5-, and 10-year bonds were all up more than 10%, with 2-year bonds leading the sell off, rising by more than 16%.

Bonds are said to be selling off when yields rise as investors demand more compensation for what they view as increased risk.

The surge in yields comes after comments from German finance minister Wolfgang Schaeuble made Wednesday that said it is now up to Greece to meet the EU's reform demands.

"It’s entirely down to Greece," Schaeuble told Bloomberg TV.

Schaeuble added that, "today the issue for Greece is reforming its economy in such a way that it becomes competitive at some point."

News out of Greece this week has been plentiful, with a report out of the Financial Times on Monday indicating that Greece was making plans for a scenario in which it defaults on its debts. The Greek government later denied this report.

And on Wednesday, German newspaper Die Zeit reported that Germany is working on a plan to keep Greece in the eurozone even if the country defaults on its debt.

And so with the situation in Greece and Europe looking more unstable, Greek bondholders are clearly looking a bit nervous.

Here's the spike in 2-year yields.

Greece 2

(Investing.com)

And 5-year yields.

Greece 5

(Investing.com)

And 10-years.

Greece 10

(Investing.com)

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