The €463bn Norwegian Government Pension Fund, Europe's biggest pool of sovereign wealth, has divested of all its holdings in some troubled eurozone countries and reduced its stake in others, moving money to emerging markets.

The giant Norwegian fund, financed by the country's oil wealth, now holds no Portuguese or Irish government bonds, and has shrunk its holdings of Spanish and Italian debt by about half, compared to its holdings in December 2010. Moving its money to Brazil, India and Mexico, the fund has also been steadily selling out of other trouble-hit eurozone countries' bonds.