The euro crisis may look like a tiny dot in the rear view mirror for the moment, but it could return at any time. Right now, confidence in the troubled countries is growing as the recovery continues.
Greece, which only two years ago imposed huge losses on creditors through the biggest debt restructuring on record, managed to sell five-year bonds at a yield of under 5% last month. Its ten-year government bond yields are under 10% from almost 50% in 2012.
Investors have returned to other formerly troubled countries. Italian ten-year yields have slid to a record low [...]
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