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Goldman Sachs strike again- this time in Europe

March 4, 2010

Well, here they are back again, this time linked with the economic crisis in Europe. Last month certain reports surfaced which indicated that¬† Goldman Sachs helped Greece govt in hiding their billions of dollars in debts and deficit enabling Greece to enter the Euro system. Goldman Sachs devised some sort of financial derivatives where the borrowings were treated as currency swaps instead of loans and thus Greece was able to show their deficit as 3.7% while the actual deficit was more than 12% of their gross domestic product. This revelation has led the whole Greece economy to tumble and affecting the Euro as well.¬† Well, for all this dubious work Goldman Sach got paid around a billion dollar as fee… Well done Goldman, well done Greece. Dont know how many other countries have scandal written all over inside their financial books.

Watch Martin Wolf of Financial Times discuss Goldman Sach’s role in Greece crisis

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