In finance, as in life, what can't go on usually doesn't
Published 24/04/2010 | 05:00
The Greek saga has clearly shown that no matter how severe the crisis might get, we cannot count on the EU's Rich Auntie Germany to race to our rescue
'IT'S been a brilliant day," a friend of mine who manages a large investment fund said as we sat down for a lunch in a leafy suburb of Dublin. "We've been exiting Greece's credit default swaps all morning long."
Having spent a couple of months strategically buying default insurance on Greek bonds, known as CDS contracts, his fund booked extraordinary profits.