Last week, Greece returned to the bond markets amid applause. Two years ago, the country that sparked the eurozone crisis beat Argentina to take the top spot as the world’s biggest debt restructuring in modern times.
Yet, demand was such – the bond offer was seven times oversubscribed – that it managed to borrow €3bn over five years at a yield of 4.95%. That’s a far cry from the 30%-plus yield seen on its ten-year bonds in the depths of the crisis (see chart below).
Does it mark the end of the eurozone crisis? Hardly. European Central [...]
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