Primary debt markets have been embroiled in a particularly affecting Greek tragedy over the past few weeks. All eyes have been on the Hellenic Republic, which the week before last brought an €8bn five-year bond to an initially enthusiastic response, only to see levels immediately widen by 50 basis points in secondary markets.

Hedge funds got the blame, as is often the case when markets move too rapidly for comfort. Bookrunners involved in the deal inveighed against the immorality of their actions, though their own conduct seems hardly above reproach.