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Hedge Funds Underestimating EU’s Will to Force Greek Losses

Bloomberg – Hedge funds seeking to wring profits from a Greek debt restructuring are underestimating the will of policy makers to impose losses on them, according to investors who say trying to beat the politicians is too risky.

“It’s hard for us to come up with an investment thesis that makes it interesting,” said Robert Rauch, a partner at Gramercy Advisors LLC, a $2.8 billion hedge fund in Greenwich, Connecticut that’s avoided investments in Greek debt. “It’s not clear to us that out of this process you can make any money.”

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