The mysterious meeting was attended by the heads of state of the eurozone, including the chancellor of Germany, the president of France, the prime minister of the United Kingdom, the prime minister of Spain, the president of the Council of the European Union, as well as their finance ministers and central bank governors.

That unquestionably strong voice came from the German chancellor. After intervening in the Greek bailout and the European bailout, she and her party were under intense pressure as voices rang out in Germany refusing to bail out and withdrawing from the eurozone, which strengthened Merkel's resolve to bail out Greece.

There was no turning back from the beginning, and the only way to save the lost hearts and minds of the people was to save the hearts and minds of the people through the successful rescue of Greece, which is why the female prime minister deliberately showed a strong posture in this meeting.

Naturally, the leaders of other countries are happy to see the gestures of the German Chancellor. Because Germany is the largest economy in the eurozone, the previous hesitation on the European bailout mechanism made many countries, including France, very dissatisfied, and the French even released harsh words. But now everything is different, and the heads of state are more than happy to cooperate with Germany again.

As soon as the prime minister came up, she targeted the hedge funds that were currently making waves in the market, and after a little trickery, she figured out the list of some of them. As you can imagine, this will be followed by an investigation by European regulators into the European branches of these hedge funds.

At present, it is clear to the top of Europe that this is a financial war led by the United States. But the problem is that this kind of thing can only be known by heart, but not spoken, because they have carried out similar actions against the United States or elsewhere in private, and both sides have to tacitly maintain a semblance of peace, not only to maintain their own image, but also to stabilize the world.

Moreover, at the time when the European debt crisis was at its most serious, the United States made a timely statement to dissociate itself from its own relations, which made the European side swallow a dumb loss.

Although against the United States is impossible. But the European side will not be merciful to the thugs of the US government. The actions against rating agencies and investment banks speak for themselves, and now they are going to target hedge funds, these hateful vultures.

However, it is unreasonable to say that when the European leaders were negotiating, all they said were hedge funds from the United States. None of the Europe-domiciled hedge funds made the list.

It would be impossible to say that European hedge funds were not involved in the debt crisis, given that European hedge funds are comparable in number and size to those in the United States. But the European thinking is that even if there is a certain amount of turmoil, wealth is only transferred within Europe. And the participation of the Americans, which transferred the wealth that belonged to the whole of Europe to the other side of the ocean, was unbearable for them.

If Americans know this kind of thinking, they are afraid that they will cry out for injustice. But the reality is so unfair, they can only pinch their noses and endure it.

The specifications of the meeting were high. The resolution was non-negotiable, and it was implemented at such an incredible speed that before the whole world could react, the Hungarian government issued a statement to "refute rumors".

On June 5, just one day after the Prime Minister's spokesman said that Hungary did not rule out a debt crisis, Hungarian State Secretary Volgau held an emergency press conference and said that it would be possible to control the fiscal deficit this year at 3 percent of GDP. 8%。 Wolgao said the previous administration did cover up part of the truth. But the new government will announce measures to stabilize the country's finances on Monday. Wolgao called the crisis rhetoric by his colleague an "unfortunate event".

At the same time, the Hungarian central bank issued a statement to the same effect: Hungary's public debt was 78% of GDP in 2009. It is only slightly above the EU average of 74 per cent, and Hungary's fiscal deficit is expected to be 4 per cent of GDP in 2010. About 5%, much better than Greece.

The European Union followed them in a statement echoing each other, with European Commission Commissioner for Economic and Monetary Affairs Rennes saying that Hungary had made significant progress in stabilizing the country's finances over the past few years. Any talk of a sovereign breach is an exaggeration.

At the same time as the official statement, the voice from the market also sounded, and the German macro analysis report said that the new Hungarian government will publish the budget report and the new economic development plan this week, and it is expected to carry out in-depth structural reforms in the fiscal and tax system. and may not be able to deliver on the tax cuts promised during the election campaign, which may be a foreshadowing of these exaggerations.

HSBC Group also said that Hungary is far from being second to Greece and that the country's new government has scandalized the current situation for political purposes. Hungary's real economic outlook is weak, but the country is not a member of the eurozone and its market influence is very limited.

In addition, there is another voice that the new Hungarian government is comparing itself to Greece, which is not only paving the way for fiscal austerity, but also has a clear "crying for poverty" nature, and the country may be ready to apply for international financial assistance again. In the midst of the global economic crisis, Hungary became the first Central and Eastern European country to apply for international assistance after falling into recession in the fourth quarter of 2008. To avoid default, Hungary received a €20 billion ($24 billion) loan from the International Monetary Fund, the European Union, and the World Bank in October 2008, but it failed to secure standby project financing in subsequent aid assessments.

There are many voices mixed together, and there is only one central idea: Hungary will not be the next Greece, and everyone should not panic.

Then, on Sunday, June 6, a blockbuster news broke out of the IMF, directly shifting the focus of the market's attention.

On this day, the International Monetary Fund published a forecast, declaring that by 2012, the US national debt will exceed its gross domestic product. According to data released by the U.S. Treasury Department on the 2nd of this month, the U.S. Treasury bond exceeded $13 trillion on the 1st, a record high, equivalent to nearly 90% of GDP.

In fact, the United States, the engine of the global economy, also has a serious debt crisis, and once their economic growth slows down, they will also face a serious debt crisis.

Strictly speaking, this news is not supported by strict logic. Because the U.S. can make payments through the Federal Reserve issuing banknotes. They are strictly different from Europe in that they have an independent monetary policy. But once the market panicked, it was not rational to explain, and as soon as the market opened on June 7, the dollar fell sharply.

As a result of these news, the euro, which was still falling, quickly narrowed its losses. It had already fallen to 1. The euro in 1876 suddenly had a lot of buyers, and by the end of the day, the euro had not only managed to break through 1. The psychological threshold of 1900, and at one point it rose to 1. At the level of 1991, it was only a little short of being able to break through 1. The psychological mark of 2000.

Over the next two weeks, Europe performed impressively, taking only two trading days to break through 1 on June 10. The 2000 mark immediately unabated. Broke through 1 again. The 2100 mark finally stopped at 1. The level of 2125, up 1 all day. 15%。

Although there was a slight decline on the 11th, the profit was taking out at that time. Then, on June 14, the euro rose again by 0. 84%, following the upward momentum, the number of short euro options in the OTC market is rapidly decreasing, while the price and number of long options are soaring.

Everything is going in a good direction.

And on June 30, Europe released a large satellite again.

At this time a year ago, the ECB provided a total of 442 billion euros to a number of European banks. A 1-year loan with an interest rate of 1%. At this point, European banks will need to repay their loans to the ECB.

Based on concerns about liquidity. The market is worried about defaults by European banks and a decline in capital markets due to reduced liquidity, because it is estimated that there will be at least a funding gap of around 100 billion euros in the European banking sector once the funds are withdrawn. Because the ECB made it clear that it would not roll over the loan, the news led to a sharp drop in the euro on June 29. 1。 The 22 mark was breached, and interbank lending rates soared.

But subsequent developments proved to be a successful European fool of the market.

Just on June 30, the ECB summoned 171 banks and sold them a total of 131.9 billion euros in three-month loans by way of tender. Although the scale is lower than the market's expectations, it has successfully closed the loopholes in the market.

Affected by this news. The euro began to soar after the second opening, so fast that the institutions that were originally short did not have time to react, and finally the euro rose by 287 basis points throughout the day, an astonishing 2 percent. 35%。 swept away the decline of the previous three days, and sent a large number of institutions into the ranks of liquidation.

The trading leverage in the foreign exchange market is often dozens of times or hundreds of times, because the rise and fall of foreign exchange is very small every day, and in this case, if you want to make a profit, you can only increase the amount of funds in the form of leverage. This benefit is to bet on the right direction, and you can get huge profits in the short term. The disadvantage is that if you bet in the wrong direction, you will quickly lose everything.

Many institutions are bearish on euro futures and options exploded on this day and were ruthlessly liquidated. At the same time, short-selling in bank stocks and capital markets also suffered heavy losses, and even some small funds were removed as a result.

"It's horrible!"

After the end of the market, Zhong Shi and others held another conference call to discuss today's market.

Ackerman was the first to say, "Who knew the ECB would take such a step?" It seems that before that, their remarks about not extending the period were what led these guys into the ravine. It has increased by more than 2% in one day, which is going to kill people! ”

If it weren't for Zhong Shi's opinion, according to Ackerman's character, he would definitely have invested in shorting, and now he would have become one of the losers in the market.

"It's the equivalent of a pressure test on their banking sector, and as you can see it, they're still very tough on intervening. At least so far, I don't see a possible fall for the euro. ”

Facing the emotions of several other people, Zhong Shi just smiled faintly and said disappreciatively, "At least for a while, the euro will continue to rise." ”

"But here comes our trouble!"

Dario's face sank, but unfortunately the others couldn't see it, and he was heard say in a solemn voice, "I'm in trouble in my office in London. A few days ago, some employees reported that they were targeted by the financial regulator in the United Kingdom. ”

"How can it be a UK regulator?"

Hearing this, everyone else was taken aback, including Zhong Shi, and Paulson quickly asked, "Is it one person or a group of people?" ”

"I don't know the specifics."

"They have a source who says that the UK's law enforcement and regulators are planning a big operation. It is not clear what this means, but it is clear that the target will be hedge funds. I think they should have their eye on Bridgewater. ”

"No action has been taken yet, but who knows what tomorrow will bring?"

Derio's words were full of bitterness and helplessness. (To be continued.) )

PS: Thank you for writing casually, not very fat sheep, fat devil, light fish, kalm god, flying elf, Mr, Han voted for the monthly ticket! Thanks to Pumpkin 62 for the tip! I'm sorry everyone, I have been sorting out my thoughts yesterday, and I haven't written it out until late...... After persisting for a while, I began to feel that it was difficult to write again, and I hope you can understand that it is not easy for the author to code words. However, seeing so much support from everyone, no matter how difficult it is, we must grit our teeth and persevere, otherwise we will have no face to ask for votes at the end of the month...... Thank you again for your unwavering support, and I hope that book friends who still have tickets can continue to actively support, thank you very much~