Hedge funds celebrate as Greece pays up

City AM – Opportunistic hedge funds were celebrating the “trade of the century” yesterday as Greek authorities agreed to pay out €435m (£346m) of bonds that were not included in recent haircuts.

Owners of euro-denominated Greek bonds have taken a loss on their investments as part of March’s bailout agreement for the debt-ridden Mediterranean state. Yet bonds denominated in currencies such as sterling, which are liable to laws outside Greece, now appear more likely to be paid up in full.

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