Bloomberg reported that hedge funds and private-equity firms have amassed an unprecedented $74 billion to invest in distressed debt in anticipation that Europe’s sovereign-debt crisis will push banks into the biggest fire sale in history. The problem, Bloomberg said, is few are selling.

Bloomberg said Apollo Global Management, Oaktree Capital, Avenue Capital and Davidson Kempner Capital Management are among U.S. firms that have flocked to Europe, setting up offices and raising funds to benefit from the most severe period of distress in the region.

Bloomberg quoted Christopher Hart, president elect of the Turnaround Management Association UK as saying, “There are quite a lot of opportunities, but the problem is whether banks are selling.” Hart added, “As the adage goes, ‘a rolling loan gathers no loss.'”

To read the Bloomberg story, click here.