German Shorting Ban Fuels Chaos, Worries of Incompetence
By Heather Horn, The Atlantic Wire On Tuesday, German authorities announced a ban, starting at midnight, on the naked short-selling of European government debt. The aim, according to The Telegraph, was to “counter speculators that Berlin believes are trying to…
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By Heather Horn, The Atlantic Wire
On Tuesday, German authorities announced a ban, starting at midnight, on the naked short-selling of European government debt. The aim, according to The Telegraph, was to “counter speculators that Berlin believes are trying to destabilise the region’s sovereign bond market.” The euro promptly plummeted, while The Telegraph’s Harry Wilson reports that “traders are predicting chaos” as the ban goes through its first full day. This comes only a week after Europe settled its bailout plan for sovereign debt, and this new instability has observers spooked. What happened, what was Germany thinking, and is there any chance this will work?
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McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
