The German News Network (RND) speaks of a “miracle of Greek bonds”.

RND refers to Greek bonds, which “are undergoing a renaissance in the financial markets and this despite the fact that Greece has the highest debt ratio of all EU states. and is the only member of the Eurozone that is considered by the rating agencies as “not suitable for investment”.

This year, the Athens Stock Exchange has outperformed most other stock exchanges and “the perception of Greece in the financial markets is changing drastically, which is particularly noticeable in the bond market. […] The yield on the ten-year Greek bond is 3.62%, i.e. lower than that of the comparable Italian bond. The performance difference from the German is the lower than October 2021at just 124 basis points, and shows how well Greece copes with the increases in key interest rates by the European Central Bank (ECB), compared to other countries in the euro area.”

This, the article points out, is due to several reasons, such as the fact that more than two-thirds of the national debt is held by official creditors, such as the European Stability Mechanism. “The interest rates on these loans are permanently low, but also with a time horizon until 2070. That’s why and Greece’s debt is considered sustainable” points out RND.