US firm's €1.87bn bet on our bonds
A US investment funds firm is betting big on Ireland's ability to recover, purchasing $2.49bn (e1.87bn) in bonds.
Trader Michael Hasenstab has been driving the mass purchase at Franklin Templeton Investments from last summer.
While investors around the world dumped their holdings of Irish Government debt, sending yields soaring, Hasenstab was buying.
And he his bet on Hungary is even bigger -- at more than $3bn.
So far his gamble has paid off as Irish bonds have rallied more than 35pc from the middle of last year.
From the crash of 2008, investors have been cleaning up on bets against Europe, but now some funds appear to think there might be a bigger payout from taking an optimistic stance on certain countries -- particularly Ireland.
"We take a long-term perspective, it's a research-driven perspective and we're often contrarian, and that has been the case for decades and I think will remain the case for decades to come," Mr Hasenstab said recently in an interview.