Hedge Fund Veteran Shorts Eurozone Debt on Turkey Fallout
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For many investors, Turkey’s economic troubles are self-inflicted and bound to stay isolated. For John Floyd, they’re symptoms of a malaise that will spread to Europe in the coming months.
The head of macro strategies at Record Currency Management, which oversees $63 billion in assets, is shorting government bonds of Spain, France and Italy -- as well as the euro itself -- on the expectation that Turkey’s market ructions will soon be felt on the balance sheets of European banks.