WASHINGTON, March 9 (UPI) -- The Greek prime minister's tour in support of Greece's flagging economy hits the United States, seeking a rein on speculators betting on his country failing.
Greek Prime Minister George Papandreou meets with U.S. President Barack Obama but says he's not looking for aid, just help to stop anti-Greek speculation.
The Greek government has instituted a series of very unpopular austerity measures to address economic problems that have shaken faith in the euro as Athens tries to address its budget deficit.
Exacerbating Athens's problems are speculators who seem to be betting that Greece will have to default on bonds. They are snapping to credit default swaps that, if Greece defaults, would force Athens to pay penalties to the CDS holder. That means the owners would profit more if the Greek economy falls.
Papandreou is looking for Obama to help with regulations on such practices.
"Europe and America must say 'enough is enough' to those speculators who only place value on immediate returns, with utter disregard for the consequences on the larger economic system -- not to mention the human consequences of lost jobs, foreclosed homes, and decimated pensions," Papandreou said.
