President Nicolas Sarkozy, German Chancellor Angela Merkel and President of Eurogroup Jean-Claude Juncker, called Thursday a survey of the European Union on financial derivatives, and hoped the ban on "speculative transactions" the regarding.
In a letter dated March 10 released Thursday by the Elysee, the three leaders and the Greek Prime Minister George Papandreou proposed that the European Commission "due diligence as soon as possible an investigation into the role and impact of Speculation on CDS (credit default swaps, Ed) the obligations of European states. " CDSs are contracts to exchange the risks of default of a company or a state.Speculation on these CDS are singled out in the financial crisis currently Greece, heavily indebted.
Minimum holding period of CDS
"If this investigation was to expose abuses of market or that it exhibits evidence that speculation has an impact on interest rates, we will quickly review and action as appropriate, adopt laws and regulations necessary to end, "adds Angela Merkel, Nicolas Sarkozy, Jean-Claude Junker and George Papandreou cash till payday advance