The Greek and the European Union flags flutter in front of Maximos Mansion at the Prime Minister offices, in Athens, Greece. File photo: REUTERS
Investors are now paying for the privilege of lending it cash. A sale of €487.5m of 13-week bills on Wednesday drew a yield of minus 0.02%. Greece joins the likes of Ireland, Italy and Spain in benefiting from the European Central Bank’s supportive monetary policy and deepening fears of a global recession.
Now the region is grappling with an altogether different problem: the spread of negative yields, which reduces borrowing costs for governments but threatens to harm savers, pension funds and insurers. “There remain substantial risks around Greece’s financial position and it remains vulnerable to a significant economic slowdown,” he said. “Current yields on their bonds do not reflect this risk.”
Markets forget very quickly
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