Greece's planned August exit from its third European Stability Mechanism bailout, has triggered investor optimism. Its July 2017 bond issuance, the first in three years, was oversubscribed, as were subsequent issuances in February of this year. And yet financial investors should curb their optimism. Greece’s return to the markets, and its economic recovery, are likely to be a bumpy and slow -- especially if it continues to delay key reforms. Greece's growth appears to have stabilized at a low rate; some take that as a sign of normalization. The problem with this optimism is that it is not clear where the future ... (full story)