Because refinancing on the financial markets has become too expensive, Greece has to lay down its arms and apply for EU aid. Not only the disrupted public finances have brought the country so far, speculators have also exacerbated the crisis. The German taxpayer has to pay that too.
In New York, some hedge fund managers are currently celebrating in a champagne mood: They recently met at a posh address in the US metropolis for a parade – to debate how best to bring the euro to its knees through the Greek crisis. That has paid off: within a few weeks, they have succeeded in making Athens ready for a storm through ever new rumors and speculations about the already ailing situation in Greece. Now Hellas had no choice but to capitulate. The speculators have thus achieved what they wanted – to worsen the situation so that the European Union now has to pay state aid and the euro is losing value.
For investors, that means gushing profits. Because with corresponding futures they had previously bet on falling euro rates. Now you will soon have the common currency where you want it: at times the euro was only quoted at around 1.32 dollars – a loss since the high of late November 2009 of almost thirteen percent. And a huge profit for the speculators who had bet on these low prices and are now making the rub.