Oh, how times have changed. Little more than a decade ago, peripheral European countries found themselves pushed to the very brink by global markets. Their…
Little more than a decade ago, peripheral European countries found themselves pushed to the very brink by global markets. Their governments had steadily accumulated too much debt over the years, especially after the financial crisis; the collapse of growth and anemic recovery years then undermined their ability to service those debts.
But fast-forward to today, and Greece's 10-year government debt yield--which peaked at almost 50% during the euro debt crisis--is now at just 4.5%, lower than America's 4.9%. So too is Spain's . And Portugal's . And Ireland's . Only Italy's is ever so slightly higher.In fairness to Greece, its borrowing costs first dipped below America's in 2019. But that was back when global investors were still pilingsovereign debt. Now, they're piling out.
," he cautions. That's because absent deficit reform, if Treasury investors continue to blanche, the government may face the prospect of a"failed" bond auction which it simply withdraws if the interest rate investors demand is too high.
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