Beware of Greeks bearing gifts . . . of yield

Greece ranks 2nd worst for debt/gdp.

Cyrus Sanati for Fortune here recaps the recent history of the Greek debacle and the success this week of its auction of intermediate term bonds paying just 4.75%:

Thursday's debt offering only illustrates the severity at which the global junk debt bubble has grown and how desperate investors have become in their futile search for yield. Investors have no real confidence in Greece or Europe. Either they have lost their minds or they view Greece as some sort of momentum play in which they will try to cash out right before the bottom falls out of the market. Europe remains an economic basket case, and Greece continues to be the weakest link in a brittle chain.