http://www.zerohedge.com/news/2013-05-08/new-normal-greek-government-bonds-330-year

The New Normal - Greek Government Bonds +330% In A Year

Submitted by Tyler Durden on 05/08/2013 12:28 -0400

• Bond
 
• Free Money
 
• New Normal
 
• None
 
• recovery

Presented with no comment - because none is needed...

Of course, these GGBs are nothing but a near-zero-coupon perpetual PIK bond (which perhaps explains investors' appetite since this is by definition the trashiest of the trashy to dash for) - at a 2% coupon (yield is irrelevant since it assumes principal recovery), they will never get repaid, are majority held by the official sector, and are simply being 'traded' with marginal free money as a pure flip-that-bond bet - with no view on cash-flow generation at all.

Charts: Bloomberg

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