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The problem with buying bonds in a currency other than the US dollar is that if the currency weakens, then Zervos could end up taking a hit on the price of the bond when she sells them and converts them into dollars either upon maturity or for other strategic reasons.
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Fund managers like Zervos in the US and Japanese Toshin funds love those yields in local currency debt.
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For Zervos, the US deficit really starts looking scary around 2015 as the population ages and incomes remain stagnant.
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Oppenheimer International Bond (OIBAX) fund manager Sara Zervos says despite the downgrade, US government debt will maintain its status as safe haven of choice.
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Zervos had a tough start to the year.
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Mr. Petrakis knew the check would bounce when it matured in the fall, and the bank would come to him wanting its money back, but he hoped by then to have money to repay the bank, says his lawyer, Aggelos Zervos.
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Zervos said she had a tough start to the year because of a big sell off in local currency bonds she holds in South Africa, in particular.
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David Zervos from Jefferies Global Securities says many Americans regard the Euro with distaste.
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As a manager, Zervos is sticking with local currency debt instead of the sovereign bonds issued in dollars.
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"In terms of their ability to pay bond holders, the emerging markets actually look in better shape than the United States over the next 5-10 years, at least, " Zervos says.
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"The structure of economic and monetary union has been left half-built, " Mr Zervos told me.
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