Hedge Funds Greece Credit
Hedge Funds Make Gains from Greece's Debt Crisis
The hedge funds have been successful as traders anticipated that over-exposed European banks would drive a wave of selling against Greece, according to industry insiders.
"There are a group of funds - perhaps three or four - that have played this as a huge sovereign basis trade, and made a lot," said a strategist at one of London's biggest hedge funds.
Paulson & Co, the $32bn fund, is identified by several industry participants as one of those involved. It declined to comment on specific investments.
Christine Lagarde, France's finance minister, sought yesterday to reassure Greece over its debt crisis, telling French radio: "I have no doubt that Greece will be able to refinance itself, using means . . . for which we have a number of proposals. Source
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