Greece, the one-time bond-market pariah at the heart of Europe’s sovereign debt crisis, just completed a transformative journey by joining the region’s negative-yield club.
Investors are now paying for the privilege of lending it cash. A sale of 487.5 million euros ($535 million) of 13-week bills Wednesday drew a yield of minus 0.02%. Greece joins the likes of Ireland, Italy and Spain benefitting from the European Central Bank’s supportive monetary policy and deepening fears of a global recession.
