What a Difference a Year Makes for Greece Left Stranded by Funds
This article is for subscribers only.
As Greece once again flirts with default, the country’s bonds are trapped in no-man’s land, too risky for most mutual funds and not cheap enough for other investors.
A year ago, money managers championed Greece’s return to international markets from a four-year exile by lapping up an offer of five-year debt. Signs of economic recovery under a government supporting budget cuts drew investors like Invesco Asset Management Ltd. and BlackRock Inc. toward the bonds.