The man who put Barack Obama in the White House is rumored to be behind a plot to intentionally devaluate the euro.Soros, the 79 year old chairman of Soros Fund Management, LLC and founder of The Open Society Institute is known as the 'Man who broke the Bank of England.' In 1992, he brilliantly made more than a billion dollars by speculating agains the British Pound and effectively ejected it from the Exchange Rate Mechanism. It appears he is ready to cash in again.
At an 'ideas dinner' in mid-town Manhattan, representatives from Soros' investment firm argued that the euro is likely to plunge to parity with the U.S. dollar. The currency, under pressure from Greece's debt crisis, is struggling because speculators are placing huge bets on its decline, efficaciously making themselves millions.
The euro has fallen dramatically since December and Mr. Soros warned in a newspaper article that the euro could 'fall apart' regardless of 'makeshift assistance' to Greece, citing 'Spain, Italy, Portugal, and Ireland constitute too large a portion of euroland to be helped in such a way.'
Greek prime minister George Papandreou blamed the speculators for his country's financial troubles. "Will we let the speculators strangle us, or will we take our fate in our own hands?" he said.