Greece

Just over three years after Greece "triumphantly returned" to capital markets in April 2014, when it issued €3 billion in 5 year bonds at a yield of 4.95%, and a cash coupon of 4.75% - an offering which was 8x oversubcribed - and which crashed and nearly defaulted one year later when only the 3rd Greek bailout prevented the country from going bankrupt, only to get taken out at 102, moments ago Greece once again returned to the bond market, if far less triumphantly, by selling another €3 billion in 5 year paper which however was "only" 2x oversubscribed, with indications from Bloomberg that

On the same day that Greek PM Alexis Tsipras triumphantly announced to The Guardian that "The worst is clearly behind us", Greece just as triumphantly announced that its long-rumored bond issue, the first after a three year hiatus which saw its last bond issue crash then surge, is now a reality. Just like in 2014, Greece is looking to sell another batch of five-year bonds, according to an Athens Stock Exchange filing. The bonds will be sold in benchmark size via a legion of banks, and are expected to price on Tuesday.

Consider it a kiss to the bond investors who are expected to oversubscribe the upcoming latest "triumphal" Greek return to the bond markets, as soon as next week. Moments ago, rather unexpectedly, S&P raised its outlook on Greece from Stable to Positive, but reaffirmed the Greek rating at B-. The rating agency, said it believes that "recovering economic growth, alongside legislated fiscal reforms and further debt relief, should enable Greece to reduce its general government debt-to-GDP ratio and debt servicing costs through 2020."

Authored by Mike Shedlock via MishTalk.com,

The  Unemployment Rate in Greece is down to 21.7% in April from a record 27.9% in July of 2013 and a record low of 7.3% in May of 2008.

Despite the falling rate, the percentage of those unemployed seeking jobs abroad has risen from 11% in 2015 to 33% this year.

The message seems to be “get me the hell out of here”. 

The Greek Reporter notes Brain Drain Gathers Pace as One in Three Greeks Looks for a Job Abroad.

By Chris at www.CapitalistExploits.at

I warn you... I'll get hate mail for this. I am a bad person.

Perhaps, I spent too much time in European cities because Athens and Greece in particular always failed to impress me.

Ok, they have a lot of crumbly buildings. But so do every other country in the region. Ephesus is more impressive than the Panthenon. The Colosseum more impressive than the Valley of the Temples.