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Hedge funds blocking Greek economy

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Who would ever guess that the hedge funds are happy to drive the Greek economy into complete ruin? There were no complaints when the banks and hedge funds were screwing everyone with high fees that were impossible to maintain over time, but now that they're being forced to take a hair cut along with everyone else, they're not happy. There's virtually no chance Greece can repay the debts and everyone is going to have to share the pain, including the financiers. The Independent:

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. Sources familiar with the talks, which collapsed at the end of last week, have said that a number of hedge funds are holding up the restructuring deal to ensure that they make a fat profit, after snapping up Greek bonds at distressed prices. Greece's official backers – European governments and the International Monetary Fund – have said they will not deliver the next tranche of bailout funds that Athens needs to redeem €14.4bn (£12bn) in maturing bonds on 20 March unless a deal to cut Greece's €355bn debt pile by €100bn is concluded by the end of the month. Without those bailout funds, Athens will be forced into a disorderly default, which could plunge the eurozone into further financial chaos and possibly prompt Greece's exit from the single currency.

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