BILLIONAIRE investor George Soros took out a staggering €100MILLION bet that a major German bank would collapse after Britain decisions to cut ties with the crumbling EU.
The man who “broke the Bank of England” took a short position of 0.51 per cent in Deutsche Bank shares on Friday – the day after the people of Britain backed Brexit.
In growing signs that desperate Angela Merkel’s economy is struggling in the wake of the nation’s decision to leave the EU – Soros Fund Management said its short position was now 0.46 per cent – suggesting it had begun to take profits from the trade.
Since the momentous decision, shares at Deutsche have dramatically slumped.
At one point, shares were down by more than 13 per cent compared with Friday’s high point.
Marshall Wace, a British hedge fund, also took a big bet against Deutsche Bank.
Banks across Europe have been left battered by Britain’s decision to turn its back on Brussels in a historic referendum on June 23, but Deutsche Bank is especially troubled.
The bank, which is undergoing a deep restructuring, has been hamstrung by the fallout from the financial crisis, posting a record loss of €6.8billion in 2015.
Full article: Eurozone rocked by Brexit: Now George Soros bets €100m on German bank collapse (Express)