Hedge Fund Greek Debt
Hedge Funds May Prevent Greek Debt Restructuring Deal
Reports suggest that five hedge funds threaten to upend the Greek debt talks.
The funds--reportedly New York's York Capital Management, Marathon Asset Management and Och-Ziff Capital Management Group, Florida's GreyLock Asset Management and Europe's Vega Asset Management--could prevent a restructuring deal for Greece unless they are guaranteed a "significant profit" on Greek bonds they purchased.
New York's York Capital Management, Marathon Asset Management and Och-Ziff Capital Management Group, Florida's GreyLock Asset Management and Europe's Vega Asset Management vowed to prevent a restructuring deal from going through if they were not guaranteed a significant profit on Greek bonds they bought at distressed prices, sources familiar with the talks told the British newspaper The Independent.
The deal must go through this month or Greece could default as early as March, economists and policymakers said.
With default pressure mounting and a European finance ministers' summit set for Monday, Greek and international officials signaled Tuesday they would yield to the bank and hedge fund demands to secure a bond deal this week, the British newspaper The Daily Telegraph reported.
Charles Dallara, managing director of Washington's Institute of International Finance, a bank lobby that represents private-sector bond holders, was in Athens Wednesday to try to agree on a deal before the Monday summit.Read more
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