At the open, traders are selling peripheral bonds in fear of contagion

European bond markets have opened to mixed results following word the Greek people have voted to reject the latest bailout package from European creditors.

Peripheral European debt is under modest pressure on contagion fears (bond yields rise when prices fall):

Greece's 10-year yield +17 basis points at 14.18%
Spain 10-year yield +14 basis points at 2.35%
Italy 10-year yield +14 basis points at 2.38%
Portugal 10-year yield +14 basis points at 3.06%

A flight to safety has pushed yields on core European debt lower:

Germany's 10-year yield -7 basis points at 71.7 basis points
France's 10-year yield -2 basis points at 1.22%

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