Wall Street Journal
October 4, 2011
It is a question worthy of an ancient philosopher: whether to buy Greece's debt at its currently distressed price.
Greek government bonds have lost almost half their value in the past six weeks, trading at about 38 cents on the dollar. Some hedge funds are picking up these securities at what at first glance appears to be a good deal. They are betting that Greece's financial system is too important to world markets for the European Central Bank to stop lending money so the country can pay off its debts.
History has shown the risks inherent in such a bet.
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