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Berlusconi Invites Hedge Funds To Destroy His House Of Cards Economy After He Announces Victory Over EUR Speculators

Courtesy of Tyler Durden

In arguably the most ridiculous news of the day, Reuters quotes Italian PM Silvio Berlusconi as saying that the “unified EU response has defeated speculative attack on the EUR.” That’s odd – the last time we checked, the euro was trading about 1 basis point away from the lowest level seen in half a decade. We are curious just what the PM’s definition of “victory” is? Interestingly enough, Zero Hedge’s disclosure that European banks are the primary shorters of the euro currency (also remember that whole story about the incentives of European countries to blow themselves up?) has forced Deutsche Bank CEO Josef Ackermann to publicly announce that his bank has not shorted the euro. We eagerly await all other European banks, especially French and Italian ones, to follow in DB’s footsteps and make it all too clear that it is not them 1) shorting their currency and 2) attempting to blow out their govvie spreads by all means necessary.


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