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Credit problems are mounting in Greece and a handful of other euro zone countries, derisively called "PIIGS" in trading circles, driving investors away from their sovereign debt.
"I think there is nowhere else to put your money," Tom di Galoma, head of rates trading with Guggenheim Partners in New York, said of the resilient safety bid for U.S. Treasuries.
The acronym "PIIGS" refers to Portugal, Italy, Ireland, Greece and Spain.