US trader's punt on Irish bonds may net €4.75bn profit

(25 Nov 2012)

In todays Irish Independent it is reported that Franklin Templeton the trader at the €700bn fund may make a profit of as much as €4.75bn on Irish bonds. In a move backed up with cash resources , Michael Hasenstab, the trader and fund manager at Franklin Templeton, has taken an extraordinary bet against the market by backing Ireland.

It is also reported that the  €8.1bn gamble that is looking so lucrative it could make an extra chapter in the Michael Lewis best-seller The Big Short, where traders made billions betting against sub-prime mortgages at the start of the financial crisis
.

For the full report and  story please click on link to The Irish Sunday Independent

www.independent.ie/business/irish/us-traders-punt-on-irish-bonds-may-net-475bn-profit-3304936.html

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