So don’t hold your breath!
And remember that the biggest Greek CDS speculator has been the state-controlled Hellenic Post Bank with help from (Yes, you are right!) Goldman Sachs:
– State-controlled Hellenic Post Bank (TT) bet against Greece (Kathimerini)
– Fragwürdige Finanzgeschäfte Griechen wetten auf eigene Pleite (Sueddeutsche Zeitung)
The state-controlled Hellenic Post Bank was betting on Greece going bankrupt!
Somebody needs to probe the role of the banksters, the central bank and the government!
Greece plans parliamentary probe of foreign banks
Greece’s prime minister pledged Thursday that a parliamentary commission would examine the reasons behind Greece’s finance crisis and the role played by US banking giant Goldman Sachs, reports said.
Prime Minister George Papandreou told a press conference reserved for Greek media that the panel would be set up by the end of the year.
“In the context of this parliamentary commission on the economy … we are going to look into the participation of foreign institutions in the Greek problem,” he said in a report carried by the semi-official ANA press agency.
He added that the probe would look back as far as 2001, the year Greece entered the eurozone, and that among its targets would be Goldman Sachs.
At issue is a complex currency swap that allegedly enabled Greece to mask the scope of its public debt as it sought to qualify for eurozone admission. Goldman Sachs provided expertise for the operation.
Left unchecked for years, and with its true magnitude hidden until elections last October that brought Papandreou’s Socialists to power, Greece’s public deficit produced a debt of nearly 300 billion euros (408 billion dollars).
Fears of Greece’s insolvency earlier this year rattled the eurozone and reduced the country’s sovereign bonds to junk status, drying up access to money markets for the state.
In exchange for pledges of assistance from the European Union and the International Monetary Fund, the government has adopted sweeping austerity measures, notably wage and pension cuts for civil servants, that have sparked six general strikes.
On Thursday 30 September 2010, 18:51 EST