Derivatives: Darth Vader's Revenge Message Board

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Non-Tech : Derivatives: Darth Vader's Revenge

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To: Worswick who wrote (1688)	8/15/2010 7:35:59 PM
From: axial	1 Recommendation Read Replies (1) of 2794

Satyajit Das: Grecian Derivative "More recently, similar structures have emerged in Latvia where Deutsche Bank arranged a 567 million lati ($1.086 billion) financing for Riga in June 2005 using a series of contracts, augmented with currency and credit default swaps. The bank is alleged to have claimed that the transaction would not count as debt. This follows a series of revelation regrading the use of derivatives by municipal authorities in the U.S., Italy, German, Austria and France where complex bets on interest rates were used to provide funding or cosmetically lower borrowing costs. Many of these transactions resulted in substantial losses and are now in dispute. Other financial products can also be used to reduce the level of reported debt. These include securitisation of future public sector receipts, the use of non-consolidated borrowing institutions, private-public financing arrangement supported indirectly by the State and leasing rather than direct ownership of assets. Greece may have also used some of these arrangements." nakedcapitalism.com Jim

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