A bond issue is a milestone but there is still a long way to go
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image was too big check out the locks
hotlinked is that fucking hair weave??
THE journey has been an epic one, but Greece has reached, if not the destination, at least a waymark. The last time that its government raised long-term funds was in March 2010, just weeks before the markets lost confidence in Greece altogether, forcing its first bail-out. This week the Greek government returned to the markets, raising ?3 billion ($4.1 billion) in five-year bonds at a yield of just under 5% in a heavily oversubscribed issue.
The amount might be small and the yield high compared with borrowing costs in other rescued countries, such as Portugal, whose five-year notes were trading at around 2.6%. But the notion of any bond issue at all still prompts eye-rubbing, given the depth of the Greek crisis. Six consecutive years of recession have seen the economy shrink by a quarter, prompting social and political turmoil that at its worst seemed quite likely to push Greece out of the euro zone. For most of the past four years a return to the markets on any terms seemed inconceivable, a view underscored by vaulting bond yields
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