German Regulator Takes Heat Off Hedge Funds On Greece

Mar 9 2010 | 10:21am ET

Hedge funds have taken a lot of grief for Greece’s troubles. The country last week went so far as to bar hedge funds from participating in a debt sale in retaliation. But it seems the industry may stand falsely accused.

The German financial regulator, BaFin—not generally known for its pro-hedge fund stances—moved to tamp down on speculation that hedge funds were pushing Greece towards default.

“The Bundersanstalt für Finanzdienstleistungsaufsicht has, contrary to reports, not found that derivatives, otherwise known as credit default swaps, were used to speculate against Greek government bonds,” the regulator said, according to the Financial Times.

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