, Columnist
The Italian Trouble for Greek Debt
Greek bond outperformance is deserved, but the debt now looks expensive.
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If the fallout for Sunday's Italian referendum is bad for Italian bonds, it could well be worse for one of Europe's star performers this year: Greece.
Greek debt has tightened massively to German bonds in the past three months, while all other main European government securities have been widening. Growing confidence in Greek Prime Minister Alexis Tsipras's willingness to conform to the Troika (International Monetary Fund, European Central Bank, European Union Commission) requirements on the latest bailout package, is behind this.