| Greece continues to amaze everyone |
No eurozone sovereign has come further since joining the euro than the Hellenic Republic. When Greece set up a public debt management agency, its fast-improving fundamentals were marred by a large and fragmented national debt. Like Italy before it, Greece managed to turn this into an advantage by maximizing its debt’s liquidity, consolidating a mass of discrete FRNs into a true benchmark curve.
Before accession, its average outstanding issue size was between e2 billion and e3 billion.
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