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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Snowshoe who wrote (72531)2/15/2010 3:11:07 AM
From: Haim R. Branisteanu  Read Replies (1) of 74559
 
Greek Probe Uncovers ‘Long-Term Damage’ From Swaps Agreements
By Elisa Martinuzzi and Maria Petrakis

(Haim remarks - the stories related to Greece will generate even more resentment toward US citizen and US products -few WS Thieves and Swindlers are destroying the US standing in the world - it seems Lenin predictions will come true)

Feb. 15 (Bloomberg) -- A Greek government inquiry uncovered a series of swaps agreements with securities firms that may have allowed it to mask its growing debts.

Greece used the swaps to defer interest repayments by several years, according to a Feb. 1 report commissioned by the Finance Ministry in Athens. The document didn’t identify the securities firms Greece used. The government turned to Goldman Sachs Group Inc. in 2002 to obtain $1 billion through a swap agreement, Christoforos Sardelis, head of Greece’s Public Debt Management Agency between 1999 and 2004, said in an interview last week.

“While swaps should be strictly limited to those that lead to a permanent reduction in interest spending, some of these agreements have been made to move interest from the present year to the future, with long-term damage to the Greek state,” the Finance Ministry report said. The 106-page dossier is now being examined by lawmakers.

European Union leaders last week ordered Greece to get its deficit under control and vowed “determined” action to staunch the worst crisis in the euro’s 11-year history. Standard & Poor’s and Fitch Ratings are questioning Greece over its use of the swap agreements, said two people with direct knowledge of the situation, who declined to be identified because the talks are private.

bloomberg.com
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