Greece is still an enormously indebted country with little prospects for growth, and yet many investors are eager to lend it money.
To wit: Thursday's 3 billion euro sale of five-year bonds, last offered at 4.95 percent, according to Thomson Reuters.
At first glance, that sale may seem a head-scratcher. As Citigroup analyst Giada Giani points out, Greece's debt-to-GDP ratio is now 177 percent, even higher than before its massive restructuring in 2012, when it stood at 156 percent. And while most countries' economies tend to grow within a couple of years of a restructuring—Greece's economy is still shrinking, albeit at a slower pace.
Giani put together the attached chart, which shows what an outlier Greece is compared to other countries that have undergone restructurings.