Thoughts on Greek bonds, Asian data and resource gamesmanship

The Greek bond deal that in February I predicted would come to market was deemed a rousing success by the market. Initially Greece had planned a 2 billion euro offering for 5-year money. But there was heavy interest and Greece’s underwriters got bids for 20 billion euros, allowing Greece to increase the deal size to 3 billion. The deal came in at a coupon 4.95%.
Now let’s remember that this is an economy which has shrunk by 25% over the past 6 years, putting government debt to GDP at 176% when ...


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