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Traders who bought Greek assets a few years ago have good reason to celebrate, having banked returns that no other market could have provided.An investor who bought German government bonds in 2013 has, by now, gained a 7 percent return, whereas a buyer of a Greek government bond issued at the height of the country's debt crisis in 2012 would have earned a colossal 231 percent return. Two months ago, the price of the first 10-year bond issued since Greece's bailout in 2010 surged for seven consecutive days, rising by 2.8 percent in a week a better performance than any other government bond issue worldwide. Despite this surge, the Greek market remains 81 percent below its 2009 level.With 85 percent of Greece's debt outside the markets, repayments deferred until after 2032 and another 30 billion euros of official loans extended to the Greek government to cover its repayments to all comers, investors can focus on the small slice of Greece debt that remains in private hands.
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