"Thanks to the ECB, people now expect that if you buy a government bond you'll get paid back in full on time and in the right currency," says David Kelly, chief global strategist at J.P. Morgan's money-management group. Before the central bank hatched the plan, bond buyers weren't entirely sure if their Greek bonds would be paid back in euros or in newly printed Greek drachmas.Since then, Government borrowing costs in Greece, Italy and other struggling countries have dropped from dangerously high levels. European finance ministers have given Greece another two-year financial lifeline, and made strides toward shoring up the continent's banking system. In December, the rating agency Standard & Poor's gave Greece a better credit rating.
Can Europe's Markets Climb Through The Slump?
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