So 4 years after constant news mongering that Greece was dead, leaving the EU, on the edge of creating a brand new global finanical crisis they’ve returned to the market selling EUR3 bn five year bonds with a yield just under 4.9%. At one point their 10 year bonds (chart below) was yielding 50%. It’s quite the remarkable comeback, but then again with the European Central Bank stating that they would do whatever it takes to ensure stability – was the end result really in any doubt? Now lets just make a quick comparison to local equities – what do you feel safer investing in? ADVANC – Thailand’s largest telecom – yielding about 6% with earnings growth, a clean balance sheet, or Greek bonds – 4.9% yield, debt to gdp still @ 175%, gdp growth still nilch.