Greek bonds

Greek Week

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A banker friend vacationing in Greece this week reports asking a fifty-something customer in an Athens coffee shop what he did for a living. The man responds he’s been unemployed for the last four years. “The Greeks invented everything,” he said, “and now I’m taking a rest.” Certainly seems like déjà EU all over again:…

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Now Where Were We?

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When we last reported on market conditions two years ago the Dow had closed at 12,929. Today it stands at 16,408 – a 27% improvement. Greek bonds back in April 2012 easily yielded mid-teens returns. Last week a five-year Greek bond auction was seven times oversubscribed and priced at 5%. After the first sixteen games…

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