The instrument is not the problem. There will always, ALWAYS, be a way to profit off governmental incompetance, just as there will always be political repercussions in order to misdirect blame from those engaging in the objectionable behavior. Muntefering referred to these opportunists as "locusts" in 2005 and there will be countless more examples of this in the coming year.
Merkel calls for end to speculators who bet against Greece
Carl Mortished, World Business Editor
Angela Merkel, the German Chancellor, lashed out at speculators and called for curbs on the derivatives markets, which she said were being used to profit from the financial distress of Greece.
The German Chancellor said that Europe must ensure that speculators were prevented from damaging Greece or other countries and said that she would discuss regulation of the credit defaults swaps (CDS) market with the United States. “We must succeed at putting a stop to the speculator’s game with sovereign states,” Mrs Merkel said. The Chancellor was speaking after a meeting with George Papandreou, the Prime Minister of Greece.
The Chancellor said that there was no need for a bailout of Greece by fellow eurozone members and she rounded on speculators for betting against Greece. Hedge funds were excluded from participation in a €5 billion bond sale this week by the Greek
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