Mind The Rot In Europe: Who Will Buy The Bonds?

Why would I buy bonds yielding the square root of nothing, backed by promises from governments using someone else’s currency, where the underlying economies are underperforming and mired in red-tape, unreformed institutionalism, and austerity? Just asking… (I would love to quote you European unemployment numbers – but my Bloomberg is still FU. Suffice to say, unlike the Fed, the ECB does not have to worry about an overheated labour market.)