Greece

Greece's incredible bond rally

A Greek statue holding a dollar sign.
Illustration: Sarah Grillo/Axios

The S&P 500 has enjoyed a strong year and equities around the globe have delivered solid returns, but every one of the world's major stock markets has underperformed 2019's grand champ: Greek government debt.

Why it matters: Long-dated Greek sovereign bonds have been one of the best-performing assets in the world in 2019, having delivered returns more than double the S&P 500 through Tuesday.

Developed countries default

Adapted from Beers, et. al, 2019, "The BoC-BoE sovereign default database: What’s new in 2019?"; Chart: Andrew Witherspoon/Axios

The world's most comprehensive database of sovereign defaults, run by the Bank of England and the Bank of Canada, has been updated for 2018, and once again advanced economies are driving the numbers.