As DB's Mark Wall pointed out, what is meant by a "positive" outcome on the buyback is not officially defined, however in his view it would be a surprise for the Eurogroup to deny support to Greece on the back of low investor participation in a bond tender after having come this far in negotiations. Greek 10yr bond yields closed 26bp lower yesterday at 16.25%, while the Athex Composite (+0.29%) was denied further gains as Greek financials (-7.9%) reacted negatively to the prospect of dilutive bank recaps from the Troika's package.
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