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Greece Weakens Bond Contracts

Pimco's Gross says Greek swap lessens sanctity of bondholders contracts.

By John Detrixhe and Tom Keene, Bloomberg | Updated on March 09, 2012

The “sanctity” of bondholders’ contracts has been diminished by Greece’s pushing through the biggest sovereign restructuring in history, according to Bill Gross of Pacific Investment Management Co.

“The rules have been changed here,” Gross, co-chief investment officer at Pimco, said in a radio interview on “Bloomberg Surveillance” with Tom Keene and Ken Prewitt. “The sanctity of their contracts is certainly lessened. Bondholders have that to look forward to going into the future.”

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