How Goldman Sachs Helped Greece to Mask its True Debt

[Scary]

This should help the Greek situation:

http://news.bbc.co.uk/2/hi/europe/8507551.stm

[AtW]

And guess who had a starring role in the 1929 debacle.

You?

[Julius Caesar]

Another day another dollar for Goldman. Trouble is, I can't help feeling in one way or another, that it's my dollar.

That's true of all banks, even at the simplest level. The effect of fractional reserve banking is to allow the banks to create money. Every dollar they create immediately becomes their dollar, so now the rest of the world owes them another dollar. Who do you think pays that debt? It's not the Tooth Fairy, I'm pretty sure of that.

[pzz76077]

Ive got relations in Greece that own property, businesses etc. They and all their friends all moved their money to Cyprus about 2 years ago.

So it seems that it was only the Greek gov and the rest of the world that did not see this crisis coming!

PZZ

[Clippy]

Check out this recent Rolling Stone article about Goldmans.

[AtW]

You don't say!

[NoddY]

How Goldman Sachs Helped Greece to Mask its True Debt

http://www.spiegel.de/international/...676634,00.html


"Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit."

...

"...Goldman Sachs charged a hefty commission for the deal and sold the swaps on to a Greek bank in 2005."


Another day another dollar for Goldman. Trouble is, I can't help feeling in one way or another, that it's my dollar.