Foreign investors shun risky eurozone bonds

FT.com / Capital Markets - Foreign investors shun risky eurozone bonds: "Foreign investors have cut their holdings of so-called peripheral eurozone government bonds because of rising fears over the health of these economies.
Local banks and financial institutions replaced foreign counterparts as holders of Greek, Irish, Portuguese and Spanish debt in the second quarter, at the height of the sovereign debt crisis amid fears of a default. The trend, identified in research by Citigroup based on World Bank and Eurostat data, has continued since the second quarter with government bond auctions attracting almost exclusively local buyers."