newjerseynewsroom.com

BY GINA G. SCALA

NEWJERSEYNEWSROOM.COM

With the global economy teetering about the only sure thing is betting against the euro. And that is exactly what some hedge funds are doing, CNN Money reported Wednesday.

In fact, a record number of hedge funds made so-called wagers that the euro was weak, according to the latest report from the Commodities Future Trading Commission, which tallied the data for the week ending May 29.

"It will drip lower [but] there will be no overnight collapse," Douglas Borthwick, head of trading at currency trading firm Faros Trading, told CNN Money.

As of the end of May, the euro was down 3.3 percent against the U.S. dollar, Reuters reported.

“The reasons for the crisis differ from country to country, but countries that are worst hit by the crisis are also those where corruption is most pervasive and where there’s a lack of integrity in the public system,” says Finn Heinrich, Transparency International, an anti-corruption watchdog, research director.

Its report, “Money, Politics and Power: Corruption Risks in Europe,” is to be presented to in Brussels June 6, the Wall Street Journal reported.

TI investigated more than 300 national institutions, including political parties, the police, and the judiciary, to the media and civil society, across 25 countries, according to its website. Each institution was assessed for its ability to fight corruption.

“Fighting corruption needs to come from the top and that is where Europe fails the test,” Cobus de Swardt, Managing Director, Transparency International, said.