The great danger to the Euro is now becoming apparent, Greece first came to attention, but the other Mediterranean countries of Spain, Portugal and Italy, along with Ireland who are now termed PIIGS, are seen as such a threat to the Euro that panic is setting in.
As speculators attack the euro, Europe is facing a growing threat of national bankruptcies. The consequences would be dramatic for the whole of the continent, especially German banks, which are highly exposed to risky debt. EU politicians are willing to pay almost any price to help the beleaguered countries. By SPIEGEL staff.
On Wall Street, they call Bill Lipschutz the "Sultan of Currencies." He once turned the legendary investment bank Salomon Brothers into the world's largest foreign currency trading operation. Today Lipschutz runs his own hedge fund, which specializes in currencies.
"I still approach the market the same way. I still approach it as a 24/7 market," says Lipschutz. He trades almost constantly, even at home in his apartment in New York's trendy NoHo district, where there are monitors everywhere. Every night, Lipschutz gets up at two or three in the morning to see what is happening on the European markets.
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