Nervy investors deliver timely reminder

The last few days have provided a succinct and well-timed reminder of the risks and rewards that lie in store for Greece as this country heads to the end of its final bailout program.

For all the constraints and punishment that the three programs have brought, they have also provided a relatively sterile and safe environment for the country, which has been kept afloat with low-interest loans from its European lenders.

Exiting the program with no credit line means that Athens will have to rely on the money markets for future funding, and last week's bond issue highlighted what unpredictable conditions they can provide.

Greek authorities decided to delay on Tuesday plans to issue the seven-year bond that had been in the pipeline for some weeks as a result of the turbulence on international markets and fears that this would drive up the cost of borrowing for Athens.<...