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Monday, February 15, 2010

Did Wall Street bail out Greece?

The European Union has asked Greece to explain reports that it engaged in derivatives trades with US investment banks that may have allowed it to mask the size of its debt and deficit from EU authorities.Goldman Sachs made up an exchange rate that allowed the Greeks to look as though they were only engaging in a currency swap when, in effect, they were getting more than a billion more than they should have from the trades in credit.

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