Treasuries rose, extending a quarterly gain, after billionaire investor George Soros said the euro may dissolve if European Union leaders fail to curb the debt crisis at a two-day summit starting this week.
Longer-maturity bonds led the advance after Soros said yesterday
Europe should start a fund to purchase the bonds of Italy and Spain in
return for budget cuts in the nations. Treasuries also rallied as German
Finance Minister Wolfgang Schaeuble said joint borrowing by euro-area
governments isn’t appropriate. Demand for the safest assets have helped
Treasuries beat all other U.S. fixed-income securities for the first
time in three quarters.
…“There is a disagreement on the fiscal side,” Soros said. “Unless
that is resolved in the next three days, then I am afraid the summit
could turn out to be a fiasco.”
http://www.businessweek.com/news/2012-06-24/treasuries-rise-on-concern-euro-crisis-is-growing
Soros long Euro debt, and now whining about it...classic.
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