Economic Velociraptors Pounce on Greece, Each Other
The Daily Reckoning (February 16th, 2010) Writes:
With the same sense of destructive impunity shown against AIG the height of the US crisis, financial services firm may now be profiteering from the Greek debt turmoil that currently has the eurozone in a bind. Andrew Cockburn takes a look at how some of the usual suspects may be encircling the easiest prey around, a limping Greece:
“…Wall Street gamblers – banks, hedge funds and other players. Scenting blood in the water, they have been busily placing enormous bets on whether the Greeks would go belly up or be helped out by the Germans. They do this through the medium of ‘credit default swaps’, a form of insurance against default by Greek or any other bonds. Typically, this kind of so-called insurance protection will be offered by a pension fund or some similar institution looking to earn a nice income from premium payments.
“The buy[er]s of the
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