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Greece's Dramatic Decade

11 October 2019 |

Editorial Staff

What a difference a decade makes: Greece, which not long ago was bailed out not once, but twice, and whose interest rates seemed headed for triple digits, has issued negative-yielding debt. Exhibit 1 shows generic Greek 10-year yields since 2010—and their dramatic fall.

Exhibit 1: Generic Greek Government 10-Year Yields, 30 Sep 2010 – 30 Sep 2019

Source: Bloomberg, as of 11 Oct 2019. Past performance is not indicative of future results.

This potentially says more about Europe’s overall weakness than it does about Greece’s strength—Greece has a way to go before it’s counted among the world’s economic powerhouses. But in a world in which a growing number of countries are issuing negative debt, it’s not terribly surprising we’ve reached the point at which even Greece is in negative territory.

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