...απο μια άλλη πλευρά:
Greek Re-entry (or Grentry) Not The Game Changer Many Think It Is | A Fistful Of Euros
What this basically means is that the Greek headline Eurostat sovereign debt figure of 175% of GDP is a very misleading one. 40% of this debt is in the hands of the European Stability Mechanism (ESM) on very favourable terms - capital repayments are not due for 25 years while interest payments have a waver till 2023...
In other words, investors, irrespective of whether or not the ECB introduce QE, can safely buy new Greek debt without worrying too much about whether they are going to be paid back. Between now and 2023 there is no real problem in that department given the de facto Euro Partners guarantee. As I point out elsewhere (On The Trail of Italian Debt) Greek and Portuguese sovereign debt issues are comparatively small beer, and will not threaten the common currency, but the same cannot be said for Italian, or ultimately Spanish, debt. So Greek debt, even at current interest rates looks, frankly, attractive. Doesn’t Mario Draghi constantly advise investors not to underestimate the determination of EU politicians to hold the Euro together. Well, there you are.
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