It didn't say yield though it said value. http://www.bloomberg.com/apps/quote?ticker=GGGB1YR:IND Therefore I assumed it was the price of the bond not the return. Normally bonds state the price/yield then the expirary date. This stated value, it was confusing. http://www.bloomberg.com/markets/rates-bonds/government-bonds/uk/ If you look when the price falls the yield increases. This is what I was trying to explain and why it was confusing. I will assume that value means yield in the future if what you are saying is true. Perhaps it is a good deal too. I doubt Greece will default in the next year or two. I wouldn't risk it after that. don't buy anything that expires post 2014.
A quote of 82% indicates the dire straights Greece is in. I highly doubt you'd actually be able to buy a bond at that quoted rate and if you could don't expect to be paid.
Currently, the two-way executable mkt in 1y GGB (4.1% Aug2012) is 86.899%/77.308% in terms of yield (56.50/59.50) in price). â¬1mil a side, but that's standard size for Greece these days. As to whether you will get paid, it's certainly not clear.
I think that the Germans are likely going to throw money at them to keep the EU together. The really big test is the maturity in 2014. Don't buy anything that expires durig or after 2014.
Maybe you try directly with Greek public debt management agency. http://www.pdma.gr/(S(sgeyhk55c4mjeo552agpxm45))/ODDHX/StaticPage6.aspx?pagenb=450 Primary Dealers Primary Dealers participating in the domestic platform have the following responsibilities: Participate in auctions and syndications and place the Greek debt to end investors Ensure liquidity in the secondary market Facilitate a broader disrtibution and trading of Greek government securities domastically as well as internationally. The Primary Dealers status is reviewed annually according to a number of performance criteria as described in the Operation Rules of Primary Dealers Currently there are 22 Primary Dealers: Alpha Bank Banca IMI Barclays BNP Paribas Citigroup Credit Suisse Deutsche Bank Emporiki Bank Eurobank Goldman Sachs HSBC ING Bank JP Morgan Merill Lynch Morgan Stanley National Bank of Greece Nomura Piraeus Bank RBS Societe Generale UBS UniCredit Bank