Greece's full return to the bond markets will take a long time

Although it appears that there will soon - probably in early June - be an agreement between Berlin and the International Monetary Fund on the lightening of the Greek debt, Athens's road back to international bond markets remains a long one.

The possibility of a small, symbolic bond issue in July cannot be ruled out, but it is not the most likely scenario. This is something the government desires because it will constitute a tangible justification for the tough austerity measures it has agreed to, as it will signal an "exit course from the crisis and the bailouts."

Yet that will be very difficult indeed. Any bond issue at any time necessitates an agreement on the easing of the debt and a decision by the European Central Bank for the inclusion of Greek bonds in its quantitative easing (QE) program.

"No one will take the risk of buying Greek bonds unless they are...