Share on Google Plus Share on Twitter Share on Facebook 2 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 2 (4 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   No comments

General News

Lazy Ouzo-Swilling, Olive-Pit Spitting Greeks

By (about the author)     Permalink       (Page 1 of 3 pages)
Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) , Add Tags  (less...) Add to My Group(s)

Well Said 2   Must Read 1   News 1  
View Ratings | Rate It

opednews.com Headlined to H2 11/7/11

Become a Fan
  (57 fans)

Or, How Goldman Sacked Greece   

by Greg Palast for In These Times 

Sunday, November 6, 2011 

Here's what we're told:

Greece's economy blew apart because a bunch of olive-spitting, ouzo-guzzling, lazy-ass Greeks refuse to put in a full day's work, retire while they're still teenagers, pocket pensions fit for a pasha; and they've gone on a social-services spending spree using borrowed money. Now that the bill has come due and the Greeks have to pay with higher taxes and cuts in their big fat welfare state, they run riot, screaming in the streets, busting windows and burning banks. 

I don't buy it.  I don't buy it because of the document in my hand marked, "RESTRICTED DISTRIBUTION." 

I'll cut to the indictment:  Greece is a crime scene.  The people are victims of a fraud, a scam, a hustle and a flim-flam.   And--cover the children's ears when I say this--a bank named Goldman Sachs is holding the smoking gun. 

******** 

This is an adaptation of an excerpt from Vultures' Picnic , Greg Palast's new book, out next week, an investigator's pursuit of petroleum pigs, power pirates and high-finance fraudsters. Read the first chapter or just get the book here. 

******** 

In 2002, Goldman Sachs secretly bought up 2.3 billion euro in Greek government debt, converted it all into yen and dollars, then immediately sold it back to Greece. 

Goldman took a huge loss on the trade. 

Is Goldman that stupid? 

Goldman is stupid--like a fox. The deal was a con, with Goldman making up a phony-baloney exchange rate for the transaction.   Why? 

Goldman had cut a secret deal with the Greek government in power then.  Their game:  to conceal a massive budget deficit.  Goldman's fake loss was the Greek government's fake gain. 

Goldman would get repayment of its "loss" from the government at loan-shark rates. 

Next Page  1  |  2  |  3

 

http://www.gregpalast.com

Author of the New York Times and international bestsellers, The Best Democracy Money Can Buy and Armed Madhouse, Palast is Patron of the Trinity College Philosophical Society, an honor previously held by Jonathan Swift and Oscar Wilde. Palast (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon


Go To Commenting

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

UAW Files Charges Against Romney for Auto Bail-Out Profiteering

Aaron Swartz Died For Piers Morgan's Sins

The Confidential Memo at the Heart of the Global Financial Crisis

The Right Testicle of Hell: History of a Haitian Holocaust

Obama is a two-faced liar. Aw-RIGHT!

"I want my fair share--and that's ALL OF IT": The Kochs & the XL Pipeline

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
No comments