Open

Coming up

Don't miss

Replay


LATEST SHOWS

DEBATE

Nigeria's Battles

Read more

DEBATE

Nigeria's Battles (part 2)

Read more

AFRICA NEWS

Over 70 killed in Nigeria bus station terror attack

Read more

MEDIAWATCH

Pornagraphy without borders is key benefit of EU, says French MEP

Read more

FOCUS

China trade deal: is Taiwan's identity under threat?

Read more

ENCORE!

“Booty Looting” memory and mediums

Read more

WEB NEWS

Another Google Glass wearer attacked in San Francisco

Read more

LIFESTYLES

Sustainable cuisine

Read more

DEBATE

Eastern Ukraine: the escalation (part 2)

Read more

  • 2 dead, 100 missing after ferry sinks off South Korean coast

    Read more

  • Putin warns Ukraine "on brink of war" as Kiev continues "anti terror" operation

    Read more

  • Syria “torture” photos stun, silence UN Security Council members

    Read more

  • More than 100 schoolgirls kidnapped in northeast Nigeria

    Read more

  • 'Miracle girl' healthy after seven-organ transplant in Paris

    Read more

  • Paris police memo calling for Roma eviction ‘rectified’

    Read more

  • Burgundy digs into France's bureaucratic 'mille-feuille'

    Read more

  • French court drops ‘hate speech’ case against Bob Dylan

    Read more

  • Algeria rights crackdown slammed ahead of election

    Read more

  • Iraq closes notorious Abu Ghraib jail over security fears

    Read more

  • Berlusconi sentenced to community service for tax fraud

    Read more

  • In ‘Tom at the Farm’, Xavier Dolan blends Hitchcock and homoeroticism

    Read more

  • US to mark one year since Boston Marathon bombing

    Read more

  • Deadly fire rips through Chile’s Valparaiso for third day running

    Read more

  • India's Supreme Court establishes third gender category

    Read more

  • Bluefin-21 'mini-sub' to redeploy for Malaysian jet

    Read more

  • Paris hotel that hosted Holocaust survivors shuts for renovation

    Read more

  • Guardian, Washington Post win Pulitzers for NSA revelations

    Read more

  • French police begin mass DNA test in hunt for school rapist

    Read more

  • Americas to see 'Blood Moon' total lunar eclipse

    Read more

  • France looks to lift ailing economy with business-friendly diplomacy

    Read more

Business

Wall Street helped Greece hide bad debt, reports NYT

©

Text by News Wires

Latest update : 2010-02-15

The New York Times reported Sunday that Wall Street tactics worsened Greece's crippling debt. The newspaper said that with Wall Street’s help, Greece had engaged in a decade-long effort to skirt European debt limits.

AFP - Wall Street tactics have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts, The New York Times reported Sunday.
  
The newspaper said that records and interviews show that with Wall Street’s help, Greece had engaged in a decade-long effort to skirt European debt limits.
  
One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels, the report said.
  
Even as the crisis was nearing the flashpoint, banks were searching for ways to help Greece forestall the day of reckoning, the paper noted.
  
In early November -- three months before Athens became the epicenter of global financial anxiety -- a team from Goldman Sachs arrived in Athens with a very modern proposition for a government struggling to pay its bills, The Times said citing two unnamed people who were briefed on the meeting.
  
The bankers, led by Goldman’s president, Gary Cohn, held out a financing instrument that would have pushed debt from Greece’s health care system far into the future, much as when strapped homeowners take out second mortgages to pay off their credit cards, the report said.
  
Meanwhile, in 2001, just after Greece was admitted to Europe’s monetary union, Goldman Sachs helped the government quietly borrow billions, the paper reported, citing people familiar with the transaction.
  
That deal, hidden from public view because it was treated as a currency trade rather than a loan, helped Athens to meet Europe’s deficit rules while continuing to spend beyond its means, The Times noted.
  
 

Date created : 2010-02-15

  • GREECE

    ECB chief Trichet deplores 'intolerable' auditing practises

    Read more

  • GREECE

    EU partners weigh bailout as Greece grinds to a halt

    Read more

  • GREECE

    Public sector workers strike in protest at wage cuts

    Read more

Comments

COMMENT(S)