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Did Germany Just Take A Step Closer To Exiting The Eurozone?
I remember reading on S.A. that John Paulson has a short position in Bunds. I thought at the time that this was unlikely to be a winning trade. I was staunchly of the view that Germany would not change its position, insisting that any aid was conditional on structural changes for the recipient. It appears that this was a poor assessment. This latest summit has changed the outlook. Whatever Merkel may say or do from here, it is going to be very difficult to back away from this latest stance. Zerohedge has a piece about the potential cost of this change of position. Although I always take Zerohedge with a healthy dose ... (full story)