Soros bets against Euro

[Jan Klimkowski]

Meanwhile, within hours of being promised billions of Euros at below market interest rates, Greece has just upped the ante:

And The Proverbial Moral Hazard Foot-Shooting Ensues: With Ink Not Dry On First Bail Out, Greece Already Demands Another €50 Billion

Submitted by Tyler Durden on 04/11/2010 12:09 -0500

Here is what happens when you green light Moral Hazard - in less than two hours after the videoconference in which the EMU announced €30 billion in aid for Greece, a Greek senior official has already come up and said that they were only kidding about needing just €40 or so billion (with the IMF's 10). The full amount will actually be double that, or €80 billion, for the three year period. Look for Portugal, Spain, Ireland, Bulgaria, Hungary, Latvia, and Lithuania to come knocking in the next 45 minutes.

From Reuters:

It would be logical that the EU/IMF aid for Greece amounts to some 80 billion euros ($107 billion) over the next three years if the mechanism is triggered, a senior finance ministry official said on Sunday.

The senior offical said aid this year would amount to at least 30 billion euros from the euro zone and at least 10 billion from the IMF.

"40 billions for 2010 is part of a bigger amount for the three-year period. A logical amount for the three-year period would be double than 40 billion," the official told reporters.

The official added: "We will monitor the markets in the coming days and, depending on how the spreads move, we will decide whether to request the aid mechanism."

He reiterated that Greece still aimed at being able to raise money from markets.

http://www.zerohedge.com/article/and-pro...-already-d

The British Liberal Democrat leader, Nick Clegg, certainly seems to think Greece has already blown up, as he warned today that:

Britain will be hit by waves of "Greek-style unrest" if a Tory or Labour government narrowly wins the election and then tries to push through draconian spending cuts, Nick Clegg warns today.

In an interview with the Observer, the Liberal Democrat leader says he fears "serious social strife" would break out on the streets if a government with limited support at the election on 6 May then raised taxes, laid off public-sector workers and froze wages.

http://www.guardian.co.uk/politics/2010/...nick-clegg