I would point out that what bonds are trading at in the aftermarket is a bit different than the price that Greece sold bonds at.

Two weeks ago Greece sold 5 billion euros worth of 7 year bonds at 5.9%.

https://news.fidelity.com/news/news.jhtml?articleid=201003291146RTRSNEWSCOMBINED_ATH005323_1&IMG =N&ccsource=rss-investing-stocks

So, the difference we see here is 5% for 3-year bond from Europe versus a 5.9% 7-year bond from the market. Longer-term bonds have higher rates so, it would seem to me, that Greece is not even getting a percentage point less than the market rate.

Of course, one could also argue that Greece's deal for bonds at that 5.9% rate is purely a result of implicit EU guarantees to its stability.