The wildly successful sale this week of billions of euros of newly minted Greek bonds has politicians and pundits proclaiming the end of the long-running European sovereign debt crisis. That private investors would be clamoring over each other to buy medium-term Greek notes at a measly 4.75% yield must mean that both Greece and Europe are back in fighting form and that most, if not all, of their major economic troubles are behind them. Nothing could be further from the truth. Thursday's debt offering only illustrates the severity at which the global junk debt bubble has grown and how desperate investors have become ... (full story)