Love them or hate them, they sure know how to pick nice, and soon to be insolvent, resorts. After meeting in Vouliagmeni, Greece in 2009, 6 months before it was uncovered the country is glaringly bankrupt, the Bilderberg group is doing its annual resort camp out in the Barcelona resort town of Sitges this weekend. Regardless of one's opinions of the Logan Act, any meeting that will probably see Tim Geithner and Ben Bernanke as its attendees should likely have much more press exposure. Either way, if the Greece "study" is any case in point to the near-term consequences of what one can expect, it may be time to really load up on Spain CDS. And not only - the least subtle headline of the day comes courtesy of the Telegraph, that the "Euro will be dead in five years", and goes on to say: "The single currency is in its death throes and may not survive in its current membership for a week, let alone the next five years, according to a selection of responses to the survey – the first major wide-ranging litmus test of economic opinion in the City since the election." Secret meeting lore aside, one can be certain that the primary topic of discussion in Sitges' Dolce hotel will be what to do with the euro. We would be very wary of whatever kneejerk reaction is provoked in the market come late afternoon when the EURUSD starts trading again.
The Telegraph does a good job of separating the Bilderberg fact from fiction in the following article, and RT has a good video clip summary of this weekend's events for the reading challenged.