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Why investors are paying borrowers

Owners of negative-yield sovereign debt say they're no fools

As benchmark yields in 25 developed nations have fallen this year, the ECB is trying to avert a deflationary spiral in a region that's been hobbled by a sovereign debt crisis and two recessions since 2008.

MIKE Amey never thought he'd buy bonds from countries like Germany and Switzerland, when losses were all but guaranteed.

Then again, these are hardly normal times in the bond market. Europe faces a prolonged bout of deflation and signs abound that global growth is weakening as oil

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