In fact the spread of junk over treasuries is now close to 4.9 percentage points, far less than the long-term average spread of 6 points.

FORBES: Bank Earnings Will Show the Way for Stocks

The two-year Greek note was trading at a spread of 807 basis points over the comparable German issue versus a spread, or gap, of 733 basis points Monday.

FORBES: Moody's Move Boosts Greece's Borrowing Costs

Whether or not Brazilian bonds are correctly priced at a spread of five points over Treasuries, it is clear that that spread cannot fall much further.

ECONOMIST: Buttonwood