Greek debt haircut leads investors to dump sovereign bonds

11/20/2011 | MarketWatch

An agreement to levy a 50% "voluntary" haircut on Greek debt encouraged some investors to sell bonds of Italy, Spain and other European nations, analysts said. "That's why you saw Italian yields jump," said Don Quigley, co-portfolio manager of the Artio Total Return Bond Fund. "If everyone that thought they were hedged with [credit default swaps] thinks they're now worth nothing, they have to sell."

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