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5 Mar, 2010 03:41

Hedge funds deliberately undermining Euro

Authorities on both sides of the Atlantic are looking closely at euro trades, following reports that leading US hedge funds have been in collusion to undermine the European currency through the crisis in Greece.

Regulators on both sides of the Atlantic are probing euro-trading on financial markets.

The investigations follow reports that heavyweight US hedge funds have been colluding to undermine the European single currency by making speculative bets related to Greece's huge debt problems.

European Commission’s officials say that they are planning to discuss the current economic situation with banks and regulators on Friday.

Meanwhile, the US Justice Department launched a probe into leading American hedge funds.

American trend forecaster Gerald Celente says that the financial giants will not face punishment even if found guilty.

“Wall Street has highjacked Washington, the Wall Street mob is in control,” said Celente. He insisted that the most important positions in the White House are occupied by Wall Street veterans.

He said that their consolidated efforts as insiders make the bad situation much worse.

Celente warned that sovereign debt crises around the world would affect not only local systems, but also destabilize the financial system and put the entire economic system under threat.