Which means Greek debt wasn't as much of a problem as the business press would have had us believe?
Or that the romour-mongers had successfully lowered the price of Greek bonds while at the same time coercing the politicians to more or less commit to helping Greece, so that speculators could take part in the auction at a substantial discount, hence the oversubscription? En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
One, lots of American banks and hedge funds were trying to get in on the action so we can't assume that it was German or French banks/gov't institutions that were buying (although if they were they would be making a handsome profit on the interest payments).
Two, the interest is exorbitantly high and that's why Johnson thinks it is unsustainable for Greece, so the real key is, who buys when the interest rates drop--as they must?
Also see this from a couple of weeks ago, where it's suggested that Euro system central banks hold the major part of Greek bonds.
