Tuesday, Feb 23, 2010
Is the UK masking it's borrowing?
Moneymarketing: Goldman Sachs admits currency swaps role in Greek crisis
Goldman Sachs USA chairman Gerald Corrigan told MPs that its currency swap deals entered into with Greece could have added to the country’s debt crisis - and said it was possible that the UK was involved in similar deals with other banks. When asked if it was possible that the UK had entered into similar deals, he replied “it is possible”, but that he did not know specifically if others had similar deals in place.
Posted by jack c @ 11:02 AM (494 views) Add Comment
5 Comments
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1. freemanphil said...
Yes, currency swaps on behalf of the Federal Reserve. Congressman Dr Ron Paul suggested Americans were bailout out Greece, which is absolutely disgusting. Imagine that, Americans, having saved up for a new car, or to have a child or whatever, have the value of their currency sucked away, via inflation, to bailout out socialist failures in Greece!! Global Socialism has to stop, but first of all, the people have to wake up to it and get mad about it.
2. icarus said...
Several countries have used ways of bringing forward future revenue and pushing back current liabilities (PFI does the latter). Some countries have securitised future revenue (from e.g. future lottery tickets sales, social security revenues and the future collection of uncollected taxes), and issued bonds backed up in this way. Greek currency swaps? There's more than one way to skin this cat.
3. icarus said...
Socialist Greece? For rich Greeks the payment of taxes is a voluntary activity.
4. neo-serf said...
Is the UK masking its borrowing? - Yes.
5. rumble said...
"Socialist Greece? For rich Greeks the payment of taxes is a voluntary activity"
Socialism is only the promise and feeble illusion of a big, happy, utopian community.