California and Greece may both be associated with overwhelming debts, but California's debts are outperforming Greece's bonds, according to a report from Bloomberg.

Large funds have recognized that California's ultra-risky credit rating may have been exaggerated, and the cost to protect against the state not paying its obligations is the lowest relative to Greece in at least 15 months, according to the report. California sold $3.4 billion in taxable debt last week at its lowest costs since November.

Meanwhile, back in Greece, we reported last week that Eurozone countries have agreed on a bailout program for Greece that involves the International Monetary Fund.

Follow Daryl Paranada at @darylparanada