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How Goldman Sachs Helped Greece to Mask its True Debt

Discussion in 'The Economy' started by Tropo, 10th Feb, 2010.

  1. Tropo

    Tropo Well-Known Member

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    ...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...
    ... But in the Greek case the US bankers devised a special kind of swap with fictional exchange rates.
    That enabled Greece to receive a far higher sum than the actual euro market value of 10 billion dollars or yen.
    In that way Goldman Sachs secretly arranged additional credit of up to $1 billion for the Greeks...
    more... Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt - SPIEGEL ONLINE - News - International