August 31, 2011 – The Greek Assist on My Swiss Franc Short


1) The Greek Assist on My Swiss Franc Short. Greece's Eurobank and Alpha Bank have agreed to merge to create the country's largest financial institution. The new entity will have assets of over $217 billion with 2,000 branches. Eurobank had been one of the Greek banks that failed the European stress tests earlier this year.

Private investors from Qatar were major participants in the transaction, helping to recapitalize the new institution. This is just the opening shot in what promises to be a massive consolidation of the European banking system.

The merger triggered an eye popping 14% gain in the Greek stock market, and shined some sunlight on the Euro, which rose a penny against the dollar. It set the cat among the pigeons with the 'RISK OFF' crowd, sending gold and Treasury bonds down substantially.

It also pared another two cents off the Swiss franc. Since I strapped on my puts on the Swiss currency Friday morning, they have rocketed by 67%. Wait for another round of 'RISK ON' in in September to take these puts higher.

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Thanks for the Assist, Zorba!