Paulson eurozone bet backfires as French yields hit record lows

A bet on the demise of the eurozone has caused sizeable losses for John Paulson, the hedge fund boss renowned for making millions from the US financial collapse.

It has been a difficult few years for Paulson (pictured), whose losses this year have added to negative returns made in 2011 when he overestimated the strength of the US recovery and its impact on major banks. Paulson's mistakes were revealed at an investor meeting this week, when he said he had scaled back his eurozone bets following the European Central Bank's actions this year, which have helped boost sentiment over the single-currency region, according to the FT. That sentiment has improved markedly since ECB president Mario Draghi announced a potential bond buying programme - inv...