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It was oversubscribed but I would point out two things.

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?

by Upstate NY on Fri Mar 12th, 2010 at 10:04:30 AM EST
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