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Sovereign wealth funds to shun peripheral eurozone debt
  Hedgeweb - THU, NOV 04 2010
Funds & Investment Russia??s sovereign wealth funds, which controls $142.5bn in assets, removed Ireland and Spain from a list of countries the fund can invest in.

Norway??s sovereign wealth fund, the world??s second largest managing $520bn, also said Spanish debt had grown less attractive since the start of the third quarter as pressure mounted further on the peripheral economies, according to reports.

The moves by the sovereign wealth funds helped spark a sharp rise in the cost of borrowing for Greece, Ireland and Portugal ?? considered the eurozone??s weakest economies.

Market sentiment towards the peripheral bond markets has weakened since European policymakers warned at a summit last Friday that investors must take a greater share of losses in future state bail-outs.

According to Russia??s finance ministry website, countries whose debt the country??s sovereign wealth funds can invest in are now restricted to Austria, Belgium, the UK, Germany, Denmark, Canada, Luxembourg, the Netherlands, the US, Finland, France and Sweden.

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