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Alternative Market Briefing

Hedge fund friendly Luxembourg to get new prime minister following spy scandal

Thursday, July 11, 2013

Bailey McCann, Opalesque New York:

Alternatives friendly Luxembourg will be getting a new prime minister. Jean-Claude Juncker, the European Union’s longest-serving head of government said in a statement early today that he will resign after being implicated in a spy scandal rocking the country. A report issued on July 5th indicated that the leader was implicated in a report dealing with irregularities in the State Intelligence Service.

Juncker previously served in a group of European finance ministers, and Luxembourg has a history of being friendly to investment firms looking to set up shop. Juncker's coalition partners, the Socialists first called for dissolution of the government and new elections, shortly after that Juncker himself indicated he would resign. Elections are expected to come quickly.

According to a BBC piece, the report suggested that illegal bugging operations, along with improper payments in exchange for access to elected officials. Juncker has denied any wrong doing, but the article notes that things may have gotten out of hand because he was too focused on his eurozone duties.

The local parliament was headed to summer vacation, which may still go forward depending on when elections are to be held. Deutsche Welle called Juncker 'the model European' and ......................

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