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Hedge Funds Are Wagering Greeks Will Vote Yes in Sunday’s Referendum

Anti Austerity Demonstration In Support Of Greek Government

Anti Austerity Demonstration In Support Of Greek Government

Photographer: Kostas Tsironis/Bloomberg
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As the prospect of a Greek referendum on austerity measures sends global stock markets tumbling, some hedge-fund managers are brushing aside concerns that the Mediterranean country will cause a global calamity.

Leon Cooperman, who runs Omega Advisors, said Monday it’s hard to imagine that Greece would become a major event for the markets, as he put the chances of the country quitting the euro at less than 50 percent. Greylock Capital Management, an emerging-market firm that owns Greek debt, said people will probably vote for the austerity measures in the July 5 referendum, called on Saturday by Prime Minister Alexis Tsipras.