Non-residents are buying as many bonds from the euro-zone periphery as the core: Why?

Recent data show that non-residents are buying as many bonds from t he peripheral euro-zone countries as from the core euro-zone countries. This offers some interesting information: Investors do not believe that the euro zone is going to break up (if they did, they would buy only core bonds); They do not believe there will be a restructuring of peripheral debt (if they did, they would not buy peripheral bonds); They believe the yield spread between peripheral and core bonds is sufficiently attractive for them to invest as much in the periphery as in the core.