Wednesday, February 17, 2010

Your Sins Will Find You Out

Banks accused as Greece is told to open its books

“It is clear that a profound investigation must be done on this matter,” a reference to questions about the way in which Greece had paid Goldman Sachs, ten years ago, to swap its debt for loans that could be kept off the books in derivatives. “If it turns out that there is such kind of securitisation of swaps that are not in line with the rules of the time, then of course we would need to take action.” If Brussels does not get the answers it wants BY THE END OF THIS WEEK, it can take Greece to the European Court of Justice, under threat of daily fines. Goldman Sachs declined to comment on the swaps.

Posted by devo @ 06:31 AM (736 views)
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