This chart tells a remarkable story. Just two years ago, Greece was on the ropes. The yield on the Greek government’s 10-year debt hit a punishing and unsustainable 30 percent. Today the yield is less than 7 percent—a sign that investors are increasingly confident of the nation’s ability to pay its debts. Rarely has a country repaired its image with creditors so quickly. The world’s attention has moved on since the Greek debt crisis (a lot has happened since), but it’s worth stopping for a moment to look at what went right, as well as the huge challenges that remain.
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