The return on benchmark Greek government debt has dipped below 2% for the first time ever and is now clearly below the yield on the 10-year U.S. Treasury note.

The yield on Greece's 10-year bond, which falls as bond prices rise, reached an all-time high of around 48% in March 2012 during the most frantic days of the euro zone debt crisis.

But on Wednesday, the debt yield hit a record low of 1.99% and moved below 2% again on Thursday morning as investors placed bets that the European Central Bank (ECB) is ready to attempt more stimulus to revive Europe's soggy growth.

The sub 2% figure that the Greek government now must pay to issue bonds is currently lower than the "safe haven" U.S. Treasury which was at 2.03% on Thursday morning. This switch was first noted earlier this month after the center-right New Democracy party swept to power in Greek elections.

The dramatic fall in Greece's borrowing costs is a testament to how much it is now considered a stable member of the European Union, especially given that as recently as 2018, total Greek government debt was calculated at 181% of the country's gross domestic product.