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Wall Street Helped to Mask Debts Shaking Europe

Wall Street Helped to Mask Debts Shaking Europe

Wall Street did not create Europe’s debt problem, but bankers enabled Greece and others to borrow beyond their means, in deals that were perfectly legal.

 

Europe Closing In on Plan to Avert Greek Debt Crisis

European leaders were close to agreement on measures aimed at persuading jittery investors that Greece will not be allowed to default.

 

Greek Debt Crisis: Goldman Sachs Reportedly Helped Greece Dodge EU Deficit Rules

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.

 

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