Ongoing discussions in parliament about an increase in the government budget is covered by local news first on 13 April.

    Graze picks up the news as reported by a Greek media news outlet. The Hedge fund makes the necessary adjustment to their positions in Greek bonds in expectation of further issuance.

    Greece announces bond issue on 4 May. Greek bonds’ value plummets showing the market was not expecting the news due to poor coverage by English media and bank research.

    Reason for this is poor coverage of locally sensitive events by English media and bank research.