The Sovereign Circle: From Sovereign Debt To Sovereign Funds

In its 8 February issue, CFW highlighted Greece's expectations that China may come to its rescue, as the Greek government battles to raise EUR11.6bn to meet its May funding requirements (see 'Greek Railways: A Solution To the Sino-Greek Impasse?). Yet the Chinese seem lukewarm, to say the least: while last week, Greece raised EUR5bn via a seven-year bond sale, Asian investors bought just 5% of the offer. Worse, Jesse Wang, executive vice president of Chinese sovereign wealth fund (SWF) China Investment Corporation (CIC), said that the fund's objective is to make good returns on investments, and if the European Union

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