Greek interest rate premiums relative to Germany on ten-year government bonds stood at 8.6% on August 20th, which is even higher than at the end of April when Greece became practically insolvent and European Union-wide rescue measures were prepared. The spreads for Ireland and Portugal have also been rising, even though by the end of July it seemed that the gigantic €920 billion rescue package put together by the EU, the eurozone countries, the IMF, and the European Central Bank would calm the markets.