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  Now, I'm not saying old George Soros is wrong on this one. But we know him of old; his investment strategy is to build risk positions in various markets quietly over a long period of time and then start loudly talking his book until the markets start believing him.
  
  I think we can take it as read that he has built up large asset positions in distressed PIGS bonds and is now seeking to convince the markets that the spread between Greek paper and Bunds will narrow, to his advantage.

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