Bloomberg reports that Paulson & Co., the $23 billion hedge fund whose founder John Paulson is seeking to recover from record losses last year, said Greece may default by the end of March, triggering the breakup of the euro.
Greece may need an unprecedented 90 billion euros ($117 billion) to meet funding requirements under the anticipated agreement on private sector involvement, the recapitalization of the banks and other funding needs, Paulson estimated in a year- end letter sent to clients this month.
“We believe a Greek payment default could be a greater shock to the system than Lehman's failure, immediately causing global economies to contract and markets to decline,” the hedge fund said in the letter...
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