Denis Cooper spotted the headline at Bloomberg, where the article been hastily replaced with something completely different (but the url gives us a clue as to the original content).
He finally tracked down the article in the San Francisco Chronicle:
Investors are losing money on bonds sold by Europe's bailout fund as optimism ebbs about policy makers' ability to contain the economic crisis.
The 440 billion-euro ($588 billion) European Financial Stability Facility has sold 13 billion euros of bonds and all are under performing relative to alternative investments such as debt of Germany and France.
Anyone who sold 1 million euros of German five-year bonds to buy the EFSF 2.75 percent, 5 billion- euro bond issue repayable in July 2016, lost 50,000 euros, data compiled by Bloomberg show. Switching into the EFSF bonds due in December 2016 would have cost a buyer more than 34,000 euros.
"That's telling you that global investors are losing confidence in the whole EFSF apparatus," said Michael Riddell, a London-based fund manager at M&G Investments, which oversees about $323 billion of assets...
Well worth a read.
Sounds as if he's been reassured
7 hours ago
1 comments:
EFSF - this has been mooted for some time and the fine print, at IPJ and I reported it too, is amateurish and so openly moneygrubbing. Last throw of the dice.
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