Musik @ Centrifugen

Detta är som man säger EPIC LOL:

Norway, which has amassed the world’s second-biggest sovereign wealth fund, says Greece won’t default on its debts.

The Nordic nation’s $450 billion Government Pension Fund Global has stocked up on Greek debt, as well as bonds of Spain, Italy and Portugal. Finance Minister Sigbjoern Johnsen says he backs the strategy, which contributed to a 3.4 percent loss on European fixed income in the second quarter, compared with gains on bonds in Asia and the Americas.

“The point is, do you expect these guys to default?” said Harvinder Sian, senior fixed-income strategist at Royal Bank of Scotland Group Plc, in an interview. “Norway has taken the view that they will not. The Greek holdings are particularly interesting because the consensus in the market is that they will at some point restructure or default.”

Norway says its long-term perspective will protect it from losses. “One could say we are investing for infinity,” Johnsen said in an Aug. 27 interview. “It is important when you look at the time scope of the fund and the investments that there should be a portion of active management.”

Jag är säker på att de kommer att få sin belöning snart. Det är givetvis ett ställningstagande som Norge med Yngve Slyngstad i spetsen gör med sin ”investering” i Grekland. Givetvis delas inte synen av alla. Bland många andra så säger Pimco’s Andrew Bosomworth att det är en alldeles för hög risk att investera i Grekland. Risken för betalningsinställelse och omstrukturering är mycket hög:

Norway’s bet on Greece is too risky for many, including Pacific Investment Management Co., which runs the world’s biggest fixed-income fund. “I see it as being quite a substantial risk that Greece eventually defaults or restructures,” said Andrew Bosomworth, Pimco’s Munich-based head of portfolio management.

Pimco is also wary of debt issued by other peripheral EU states. “You have the contagion risk, and until we know precisely how this contagion risk will be contained, it is a pretty risky strategy staying in the other countries as well,” Bosomworth said.

Jag önskar Norge och deras fond lycka till. Man kommer ingenvart utan att ta risker, vi får se om det lönar sig på längre sikt.

Källa:
Bloomberg http://bit.ly/bnsnpg