Muted Bond Reaction to ‘No’ Vote Limits Greek Negotiating Power

Supporters of the 'No" vote wave Greek national flags outside the parliament after early results show the "OXI" or "No" vote ahead in the Greek referendum in Athens, Greece, on Sunday, July 5, 2015.

Photographer: Yorgos Karahalis/Bloomberg

While Alexis Tsipras goes into fresh aid talks claiming Greece’s “no” vote has boosted his negotiating position, the euro-zone government-bond market is telling a different story.

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