This fact doesn’t get enough attention.
Greece’s 10-year borrowing costs continue to fall and if you look at a 5-year chart we’re getting closer to where we started.
Graeme Wearden just tweeted this, as a reminder.
With the steep drop in Greek borrowing costs, the country is getting ready to make its triumphant return to financial markets.
Yesterday Matina Stevis at WSJ reported that Greece is getting set to return to the market with its first long-term debt issue since the bailout.
Obviously the pain has been wrenching, and much of it unnecessary. More than anything, what saved Greece is what saved all of Europe: The implicit commitment by Mario Draghi (made in the summer of 2012) to backstop Eurozone governments.