Greek rescue blocked by hedge fund greed

Source: Independent

Financiers who bought ‘distressed’ Greek debt insist on making vast profits from the crisis.

A group of hedge funds is threatening to block a last-ditch attempt to save Greece from defaulting on its huge debt pile, unless they are guaranteed a significant payout.

There will be a final attempt today – when a group representing Greece’s private sector bondholders meets senior ministers in Athens – to negotiate a writedown of the value of the country’s debt ahead of a crucial bond repayment deadline next month.

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