Greece flies into trouble but bankers defend PM’s early bail-out departure

Antonis Samaras
By Craig McGlashan
16 Oct 2014

Greek yields flew higher than Icarus at the end of the week amid torrid market conditions, pushing up towards levels last seen in the dark days of the European sovereign debt crisis. But while many commentators were quick to blame the spectacular spike on Greek prime minister Antonis Samaras’ ambitious plan to leave its Troika sponsored bail-out package by the end of the year, market participants rallied round the sovereign — and pointed to the more technical factors that were at the heart of the turmoil. Craig McGlashan reports.

The yield on Greece’s April 2019 bond — its comeback syndication from earlier this year — jumped from 5.711% at Wednesday’s close to reach 7.485% by close of trading on Thursday, around 250bp higher than when the bond was sold in April. A little over one month ago, ...

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