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As Ukraine’s economy first began to collapse in 2013, Michael Hasenstab made a bold bet. Hasenstab, the star international bond manager of Franklin Templeton — one of America’s biggest financial firms with over $800 billion in assets under management — scooped up billions in Ukrainian government bonds, becoming Kiev’s largest private creditor. Hasenstab was acting as a so-called “vulture” investor, buying low and hoping to sell at a substantial profit later.
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