While the rest of the world was fleeing from Greek debt like the plague, a few fund managers in Athens snatched it up on the cheap. This year they emerged from their white-knuckled ride through the Euro crisis with returns in excess of 100 percent. According to the Wall Street Journal, the three most lucrative bond-funds on earth all placed bets on Greek government bonds.
The secret to their steely resolve? They didn’t have much of a choice. The funds had a clientele of mostly Greek pensioners and a mandate to park a chunk of their funds in Greek bonds. Turns out to have been a winning bet, even if their hands were forced.