Hedge funds hold out for more from Greece

Reuters reports that hedge funds are preparing to resist Greece's attempt to cut its debt by holding out against a government bond buyback in the hope of bigger gains further down the line.  Greece had to offer a higher price than expected at a 10 billion euro buyback on Monday after hedge funds buying bonds pushed prices higher.  Resisting the urge to bank a quick profit, hedge funds will rely on the fact many bondholders will tender their holdings in the buyback. That will leave Greece with less debt, underpinning the value of what remains.

Some managers are now convinced that international lenders will do whatever it takes to keep Greece in the euro, improving the chances of payouts to bondholders….

More?  Go to http://www.reuters.com/article/2012/12/05/uk-greece-hedgefunds-idUSLNE8B401C20121205