, Columnist
Greek Bonds' Reality Check
The country's debt is as unsustainable as ever.
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It was never going to last. Greek government bonds have given back about a sixth of their surprising gains late last year, having reacted badly to a leaked International Monetary Fund draft report describing the country's debt and financing needs as approaching "explosive" territory. Creditor woes look depressingly familiar, and there's probably a lot more bond pain to come.