Norway Buys Greek Debt as Wealth Fund Sees No Default
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Norway, which has amassed the world’s second-biggest sovereign wealth fund, says Greece won’t default on its debts.
The Nordic nation’s $450 billion Government Pension Fund Global has stocked up on Greek debt, as well as bonds of Spain, Italy and Portugal. Finance Minister Sigbjoern Johnsen says he backs the strategy, which contributed to a 3.4 percent loss on European fixed income in the second quarter, compared with gains on bonds in Asia and the Americas.