Bloomberg: Greece once again flirts with default

In an article that describes the dire situation of Greece's finances only a year after the country's triumphant return to the international markets following a four year exile, Bloomberg agency notes that the Mediterranean country once again flirts with default.

Last year, the signs of economic recovery under a government supporting austerity drew investors like Invesco Asset Management Ltd. and BlackRock Inc. toward the Greek bonds, says the article, noting however that today, "bonds are trapped in no-man's land, too risky for most mutual funds and not cheap enough for other investors."

The conflict between Greece's new leadership and the country's creditors has triggered fears over the possibility of a "Grexit," say the columnists, underlining that "the vacuum has yet to be filled by hedge funds and those buying illiquid assets because returns aren't near enough to distressed levels even as yields have tripled from a year ago."

Bloomberg also notes that, since anti-austerity SYRIZA came to power in January , yields on Greece's 10-year government bonds have risen about 350 basis points, or 3.5%.