George Soros, 'at centre of hedge funds plot to cash in on fall of the Euro'

[CrackSmokeRepublican]

The whole tabloid finger raised "pics" business between Germany and Greece is surely making the Idiot Jew Hedge Fund Managers laugh at the European "Goyim" ...  :x  

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Man who broke the Bank of England, George Soros, 'at centre of hedge funds plot to cash in on fall of the euro'

By Karl West
Last updated at 8:52 AM on 27th February 2010

Jew Soros

The man about to break the euro? George Soros is said to be placing large bearish bets against the single currency

A secretive group of (*******ZIO-JEWISH***** --CSR) Wall Street hedge fund bosses are said to be behind a plot to cash in on the decline of the Euro.

Representatives of George Soros's investment business were among an all-star line up of Wall Street investors at an 'ideas dinner' at a private townhouse in Manhattan, according to reports.

A spokesman for Soros Fund Management said the legendary investor did not attend the dinner on February 8, but did not deny that his firm was represented.

At the dinner, the speculators are said to have argued that the euro is likely to plunge in value to parity with the dollar.

The single currency has been under enormous pressure because of Greece's debt crisis, plus financial worries in Portugal, Italy, Spain and Ireland.

But, it has also struggled because hedge funds have been placing huge bets on the currency's decline, which could make the speculators hundreds of millions of pounds.

The euro traded at $1.51 in December, but has since fallen to $1.34. Details of the secretive dinner emerged days after Mr Soros, chairman of Soros

Fund Management, warned in a newspaper article that the euro could 'fall apart' even if the European Union can agree a deal to shore up support for stricken Greece.

Mr Soros, who made more than $1billion by currency speculation when the pound was ejected from the Exchange Rate Mechanism on Black Wednesday in 1992, believes the structure of the euro is 'patently flawed'.
george

Hitting back: Greek PM George Papandreou blames 'speculators' for preying on the country's troubles

He said: 'Makeshift assistance should be enough for Greece, but that leaves Spain, Italy, Portugal and Ireland.

'Together they constitute too large a portion of euroland to be helped in this way.'

He believes that unless the European Commission is given sweeping powers over taxation and spending, the single currency will always be vulnerable to financial turbulence in individual states.

'If member countries cannot take the next steps forward, the euro may fall apart,' he added.

Last night, Greek prime minister George Papandreou hit back at the 'speculators' who he blames for preying on the country's troubles.

Following a visit by EU economic inspectors and experts from the International Monetary Fund, he told the country's parliament that the worst fears about Greece's economy had been confirmed.

Greece is desperate to restore the confidence of investors in its debt after revealing that the previous government understated its budget deficit by half.

Outlining the precarious nature of Greece's finances, Mr Papandreou said: 'There is only one dilemma: Will we let the country go bankrupt or will we react?

'Will we let the speculators strangle us, or will we take our fate in our own hands?'

The Greek leader also called for more help from the EU with its debt crisis. Until now, the EU has offered political support but no bailout.

But a row is still festering between Berlin and Athens over the crisis.
cabinet chancellery

-----------Tight spot: German Chancellor Angela Merkel said the situation was 'difficult'

A Greek consumer group called for a boycott of German goods today after a German magazine blasted the country as 'cheats.

The new trade war came as Angela Merkel admitted the euro is in 'a difficult situation' for the first time.

She spoke as German magazine Focus ran a cover image of the armless Venus de Milo somehow raising her middle finger under the headline 'Cheats in the euro family' to suggest that Greece deliberately misled EU peers to swindle its way into the euro.

The cover sparked outrage in Greece, prompting the demands for a boycott. A Greek newspaper has also hit back, running an image showing the statue of the goddess Victoria atop the Siegessaeule in Berlin holding a swastika.

'The falsification of a statue of Greek history, beauty and civilisation, from a time when there (in Germany) they were eating bananas on trees is impermissible and unforgivable,' a statement from the Consumer Institute (INKA) said.

'Greeks are no crooks, we want the German government to condemn this most improper publication,' said INKA president George Lakouritis.

'If you have such friends, what do you need enemies for?'

INKA distributed leaflets in central Athens and in front of German-owned consumer electronics store Media Markt, urging Greeks to heed the boycott.

Merkel's government has so far deflected appeals to promise aid to heavily indebted Greece. Opinion polls show that a majority of Germans oppose a bailout.

Germany's ambassador to Greece, Wolfgang Schultheiss, said yesterday he regretted that German press reports caused offence. 'Germany is firmly on Greece's side,' Schultheiss said after being summoned by Greece's parliament speaker Filippos Petsalnikos.

But it wasn't enough for Mr Lakouritis. 'The ambassador's statements were not satisfactory,' he said.

Yesterday Mrs Merkel admitted that Greece's debt crisis has plunged the euro into a 'difficult situation'.

The admission from the leader of Europe's biggest economy prompted fresh fears about the collapse of the single currency.

In the gravest sign yet of the international threat posed by Greece's crippling debt crisis, Mrs Merkel warned for the first time that the eurozone faces a ' dangerous' period.

Read more: http://www.dailymail.co.uk/news/worldne ... z0grTYbO7u

[Anonymous]

Again, Soros...? Open Society...? Naked short sale...? Too bad that his tribal friends are at central banks and at GS... the Rockefeller for EU. I just wish that more countries would not be so eager to get to the euro, for it will not solve the unsolved problems of before! Like the Germans say Das euro ist teuero! (expensive - joke/yoke) or something like that. Again the Germans being sucked into the Balkan?!

[CrackSmokeRepublican]

Again, Soros...? Open Society...? Naked short sale...? Too bad that his tribal friends are at central banks and at GS... the Rockefeller for EU. I just wish that more countries would not be so eager to get to the euro, for it will not solve the unsolved problems of before! Like the Germans say Das euro ist teuero! (expensive - joke/yoke) or something like that. Again the Germans being sucked into the Balkan?!

Here's a good quote.

"In Berlin, on the afternoon of January 31, 1933, the National Socialist German Students' League staged its own parade, which ended up in front of the Berlin Stock Exchange ('The "Mecca" of German Jewry', as a right-wing newspaper put it).  

Emerging Jewish stockbrokers were greeted by the students with chants of 'Judah Perish!' "

Indeed, something like this will occur again all over the world including in the Caymans, Bermuda, etc.
There will be no place for Jewish Usurers to hide. It may not necessarily be N.S., but could be just Anti-Talmudic Jewish!

--CSR

[CrackSmokeRepublican]

Looks like Greek Bonds are under pressure according to Z.H.:

Greece Sets 10 Year Bund Spread Level For When Total Pandemonium Breaks Out At 450 bps

Tyler Durden's picture
Submitted by Tyler Durden on 04/06/2010 19:35 -0500


Greek website bankingnews.gr reports that today's breach of 400 bps in spread to bunds on the 10 Year GGB is a very critical level, and that if spread widening continues, Greece "risks completely losing control" of its funding situation. The critical level in the 10 Year GGB spread to bunds beyond which all hell will break loose is 450 bps at which point "everyone will unload bonds and then control will be completely lost." (pardon our translation) Odd - no mention of CDS speculators having blown up Greece today: instead it is bond selling... How novel. The site also notes that while today's actions "should be a reasonable response and should reduce the spread, if that does not happen then Greece will completely lose control and very soon." This is likely the worst mistake that Greece could have done. By giving bond holders a bogey the target spread will become a self-fulfilling prophecy and will likely be breached in a matter of days. In addition, bankingnews.gr reports that 450 is a "milestone in the bond market as it represents a level beyond which the state will not be able to borrow."

A roughly-translated version of the article indicates the following key concerns for Greece:

1) In addition to new shorts, today saw the selling by many long-term investors. The shorts are testing the resolve of the EU and IMF to bail out Greece when funding costs become unacceptable.

2) According to well-informed sources, investors have indicated that a spread of 450 bps or higher will kill any interest in holding any more 10 Years leading to a sell off.

Yet what will a disclosure by Greece be without at least a little scapegoating. Sure enough: "While the spread widening was excessive, there is no plan or mechanism to prevent further widening. The hedge funds and U.S. investment banks have won the battle yesterday by forcing long-term investors to sell." Farewell Germany, old friend, hello America, new favorite scapegoater.

Greece is said to have 3-4 weeks in which it does not need to borrow new debt. Also, today's actions has allegedly not precluded Greece from seeking idiot investors out of the US for US denominated bonds. After today's market action we are convinced some mutual fund will be dumb enough to lend to Greece regardless what terms are put on the table or just how bad the Greek funding situation is. In the meantime, we believe Greece needs to roll several short-term bills. With all near-term debt exploding by several hundred points today, the next stress point may not be the 5-7-10 year part of the curve at all, but the ultra-short term side. And when overnight funding is in jeopardy, together with deposit outflows into stable countries, well, that is the end: even US dumb money may have to finally recognize that sooner or later.

http://www.zerohedge.com/article/greece ... s#comments

[CrackSmokeRepublican]

ZioDenniger's lastest on Greece:

Oh Oh - Greece Going Supercritical

I told you so.....

    According to information Commerzbank was concerned about the Greek bonds accepted as guarantees of Greek bonds. Commerzbank has provided some liquidity to Greek banks are more concerned about the Greek bonds. Based on a reliable source in the recent past, foreign banks have applied to withdraw repo with Greek banks even offer powerful bonus.

(Hattip Zerohedge)

If repos are being yanked from Greek banks they're finished.  This is the overnight lending market and that, coupled with depositor runs (which, as soon as Greeks figure this out, will accelerate dramatically) will drive a stake through the heart of these institutions.

The simple fact of the matter is that Greece, like Lehman and Bear, came out into the market and lied about both their position and ability to manage what was going on.

The lies of past years become the inevitable consequences of the present time.

We won't learn anything from this, will we?  We won't stomp on the banks here that are right now, today, lying about THEIR asset quality and values, will we?

Will CONgress put a stop to the lies and obfuscation of the banksters and The Fed?  Will The Administration demand that assets be marked at the market, that capital be raised and/or assets sold to shrink balance sheets, that off-balance-sheet BS be stopped immediately and that all derivatives go on an exchange with nightly margining so everyone knows that the banks' capital positions are sound - each and every day?  Or will "make damn sure the stock market goes up - even if you have to allow people to commit fraud on a daily basis to do so" win out?

We know what the decision has been thus far.

What will it be today and tomorrow, and will we change course before or only after it all blows up - again.

The curve blowout this morning in Greek debt has been cataclysmic; of course CNBS is only mentioning it in passing, and so far the European market isn't reacting "too badly."

We'll see about that - how much of their debt is now sitting on bank balance sheets with a mark-to-market loss of how many billions due to the coupon shift upward?

Oh no, we better not talk about the black hole opening up on bank balance sheets (again)..... that might be a problem eh?

Just remember that right up until Lehman blew up the market, while it had its ups and downs, didn't react "too badly" either.

http://market-ticker.org/archives/2164- ... tical.html


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WSJ's Jewish take on the Scamming:

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Investors Playing Defense Heighten Greek Debt Woes

BY CARRICK MOLLENKAMP, CASSELL BRYAN-LOW AND GREGORY ZUCKERMAN

The market pummeling of Greece continued Wednesday, and many European politicians are quick to blame "traders and speculators," as Greek Prime Minister George Papandreou recently put it.

They are missing a big part of the picture. Quick-trigger traders have certainly been active players, but the hammering of Greece and the euro reflects far more than a quest for fast profits, a Wall Street Journal review of trading records and securities filings, plus interviews with bankers, executives and traders, shows. Many of the bearish wagers have come not from hedge funds but from traditional asset managers, banks and corporate treasurers, seeking ...
http://online.wsj.com/article/SB1000142 ... Collection

[CrackSmokeRepublican]

Looks like the Evil Jew Soros is threatening "Euro Disintegration".... he and his team is likely setup with shorts on bonds/currencies all over Europe. They'll engineer it like they did the Asian crisis. --The CSR

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Soros Says Greek 'Death Spiral' Risk Remains After Aid Package

By Gabi Thesing

April 14 (Bloomberg) -- Greece still faces the danger of a "death spiral" because the cost of borrowing in the euro region's rescue package is too expensive, billionaire investor George Soros said.

"While it's better than what the market is currently willing to offer, it's still rather high," Soros said at an event in London late yesterday organized by the Economist magazine. "It is a question of solvency. If you start charging very high rates as the market does in anticipation of solvency then that pushes you into insolvency."

Euro region finance ministers on April 11 offered Greece a 30 billion-euro ($41 billion) aid package which would give it three-year loans at 5 percent if it can't raise money in capital markets. Greece auctioned Treasury bills yesterday for the first time since the rescue bid, drawing more demand than at a previous sale.

"Concessional rates" of borrowing aid would help Greece "fulfill their target," Soros said. "If they don't they have then to tighten even further, then your tax receipts go down and the economy goes further into tanking and then you go into a death spiral. That is the danger that is still remaining."

Greek two-year government note yields were near the lowest in a week after yesterday's bond auction. The yield on the securities had dropped as much as 45 basis points. It closed at 6.03 percent.

"The argument for political will to bail out Greece" was that "the consequences of Greece leaving the euro would be the disintegration of the euro," Soros said. "The disintegration of the euro would take a very long way toward the disintegration of the European Union.

Soros Fund Management LLC manages about $25 billion. Soros said yesterday that "I'm no longer running the fund."

To contact the reporter on this story: Gabi Thesing in London at http://www.bloomberg.com/apps/news?pid= ... KyRM&pos=7