Despite Delays, Traders Know Greece Can’t Dodge the Inevitable
February 7th, 12:55 pm by Barbara Zigah
(eToro Blog) Despite a deadline which the Greek government believes to be amorphous, no decision has yet been made which will ultimately determine whether or not Greece, as the world now knows it, will survive. Greek officials are as far away from a consensus as could be possible; one wry commentator noted that if they can’t even agree on whether or not there is or was a deadline (one unnamed Greek politician argued that there wasn’t one) how much hope was there that they could move forward on the bailout loan decision?
With the uncertainty, the Euro continued to be under significant downward pressure; currently, the Euro-Dollar is trading at 1.3110 after finding some relief overnight. On the OpenBook, sentiment is primarily bullish with investors hopeful that the Greek government will come to its collective senses. For the time being, Guru pyruss continues to be a Euro bull, and opened up a long earlier today that is already showing a profit. In the past several hours this trader closed several trades, primarily longs, all to smallish profits.
Belgian trader wkatsioulis closed a short position in the EUR/USD pair earlier which returned an 84% pr. This trader who has 20 followers and no copiers as of yet, is on the way to posting a 160% profit for the week, and 523% for the month. This trader, who employs a high-risk strategy, primarily trades indices but has earmarked more than 17% of the portfolio to this pair. The trader currently has several open longs which are showing a gain.
E.U. officials have said that indeed there was a deadline and that the Greek government missed it. So now what? More uncertainty and more volatility is a given. The Greeks are playing a high-stakes game of chicken but when March 20th arrives – when €14.5 billion in debt comes due – there will be no more dodging.
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