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Greek Bond Costs Lower As Crisis Eases

bondsInterest rates for Greece to borrow in 10-year bonds have come down to under 10 percent, showing investors are less anxious about the prospect of Greece defaulting or leaving the Eurozone as more international rescue loans are on the way. Greece’s 10-year bond yield was 9.94 percent on May 3.
It was the first time since October 2010, as bailouts and austerity measures began, that the interest rates have been so low The securities have rallied, along with the debt of Spain, Italy and Ireland, since European Central Bank President Mario Draghi pledged in July to do “whatever it takes” to defend the euro.
Adding to the gains are stimulus programs from central banks that may fuel demand for Europe’s higher yielding debt. “Greek bonds have been major beneficiaries of the scramble for yield and the move towards global easing in the U.S., Japan and now finally in Europe,” Bill Blain, a strategist at Mint Partners Ltd. in London, told Bloomberg news agency. “Europe has come far indeed, and Greece has been dragged higher in its wake.”

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