By Kevin Grant McClernon Investors breathed a sigh of relief early last week. Greece reached an eleventh hour agreement Tuesday with its international creditors to secure €240 billion in continued bailout funding. Its willingness to push the envelope has roiled financial markets in the past month. The yield on Greek 10-year government bonds rose as high as 11.21% this month before settling at 9.24% after trading Thursday. An increase in bond yields indicates fears that Greece may not repay its debt. Greek bond investors have reason to worry – a 2012 debt restructuring shed the face value of Greek debt by 53.5%, reduced interest rates, and extended maturities. In all, the debt lost 74% of its overall value. International investors now hold €370 billion in Greek debt – a similar restructuring would cost them about €270 billion. The new agreement gives Greece four months to act. In the meantime, investors will hold their breath once again.