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A secretive group of Wall Street hedge fund bosses are said to be behind a plot to cash in on the decline of the euro. Representatives of George Soros's investment business were among an all-star line up of Wall Street investors at an 'ideas dinner' at a private townhouse in Manhattan, according to reports. A spokesman for Soros Fund Management said the legendary investor did not attend the dinner on February 8, but did not deny that his firm was represented.

At the dinner, the speculators are said to have argued that the euro is likely to plunge in value to parity with the dollar. The single currency has been under enormous pressure because of Greece's debt crisis, plus financial worries in Portugal, Italy, Spain and Ireland. But, it has also struggled because hedge funds have been placing huge bets on the currency's decline, which could make the speculators hundreds of millions of pounds.

The euro traded at $1.51 in December, but has since fallen to $1.34. Details of the secretive dinner emerged days after Mr Soros, chairman of Soros Fund Management, warned in a newspaper article that the euro could 'fall apart' even if the European Union can agree a deal to shore up support for stricken Greece. Mr Soros, who made more than $1billion by currency speculation when the pound was ejected from the Exchange Rate Mechanism on Black Wednesday in 1992, believes the structure of the euro is 'patently flawed'. [ ... the flaw was created, intentionally, when the gold standard was taken away. Today the only thing backing money is PAPER]

Hitting back : Greek PM George Papandreou blames 'speculators' for preying on the country's troubles. He said : 'Makeshift assistance should be enough for Greece, but that leaves Spain, Italy, Portugal and Ireland. 'Together they constitute too large a portion of euroland to be helped in this way.' He believes that unless the European Commission is given sweeping powers over taxation and spending, the single currency will always be vulnerable to financial turbulence in individual states. [ ... get rid of the central bank and print money, backed by the amount of gold in your country]

'If member countries cannot take the next steps forward, the euro may fall apart,' he added. Last night, Greek prime minister George Papandreou hit back at the 'speculators' who he blames for preying on the country's troubles. Following a visit by EU economic inspectors and experts from the International Monetary Fund, he told the country's parliament that the worst fears about Greece's economy had been confirmed. Greece is desperate to restore the confidence of investors in its debt after revealing that the previous government understated its budget deficit by half.

Outlining the precarious nature of Greece's finances, Mr Papandreou said : 'There is only one dilemma : Will we let the country go bankrupt or will we react ? Will we let the speculators strangle us, or will we take our fate in our own hands ?' The Greek leader also called for more help from the EU with its debt crisis. Until now, the EU has offered political support but no bailout.

Source : http://www.dailymail.co.uk/news/worldnews/article-1253791/Is-man-broke-Bank-England-George-Soros-centre-hedge-funds-betting-crisis-hit-euro.html#ixzz0ghRdwLMJ (http://www.dailymail.co.uk/news/worldnews/article-1253791/Is-man-broke-Bank-England-George-Soros-centre-hedge-funds-betting-crisis-hit-euro.html#ixzz0ghRdwLMJ)