A well written article called " Investors return to bank debt from Europe's periphery" by Mary Watkins gave a nice perspective that got me thinking about the debt Greece has weighing across all of Europe and the proposed buybacks bonds that only seem to buy time rather value for Greece to continue to tightened its budget to reach target cuts.
According to the article, Ireland & Portugal are reopening their bank bonds in hopes to help balance out the uncertainty in Europe to reach more comfortable funding availability and reduce risk.
This I can agree as to how it may level out the total weigh of the debt and even though Spain & Italian debt has been a good source of investment that has diverted other market risks, many investors are still looking towards the non-financial investments that are more attractive since they carry less risk like in Spain which hold higher yields.
Overall certainty is where the most investor feels comfortable, as due those who see opportunity in an unresting market of volatility.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.