Financial Times is reporting that a group of hedge fund managers are now shorting some of the core countries in the eurozone, including Germany and the Netherlands, even though bond yields in those countries -- the gauge for measuring a country's fiscal and financial health -- are still at record or near-record lows.

In a nutshell, some of the world's best-paid, most-seasoned, and savviest investors are sufficiently convinced of the underlying sickness of even the most apparently stable eurozone countries that they're placing serious bets on their potential collapse. John Paulson, the billionaire who made his name (and his money) by shorting the U.S. mortgage securities market in the run up to the 2008 financial meltdown, is one of the hedge fund managers reported to be shorting Germany.

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