The New York Times is reporting that Goldman Sachs helped Greece pull the old ‘sheist and stall’ made famous by American Bankers.
As worries over Greece rattle world markets, records and interviews show that with Wall Street’s help, the nation engaged in a decade-long effort to skirt European debt limits. One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels.
Even as the crisis was nearing the flashpoint, banks were searching for ways to help Greece forestall the day of reckoning. In early November — three months before Athens became the epicenter of global financial anxiety — a team from Goldman Sachs arrived in the ancient city with a very modern proposition for a government struggling to pay its bills, according to two people who were briefed on the meeting.
The bankers, led by Goldman’s president, Gary D. Cohn, held out a financing instrument that would have pushed debt from Greece’s health care system far into the future, much as when strapped homeowners take out second mortgages to pay off their credit cards.
Makes sense that Goldman Sachs ($gs) had a wicked cool product that had run it’s course in the United States and could easily (more easily than cigarettes) be exported to unsuspecting foreigners.
There really is no story here.
As I have long been writing here, we will get by with LOWER consumption. It’s YOU against everyone. It’s a marathon in spending patience. You must be aware of collateral damage. You eat what you can afford. You live below your means. You learn to TRULY enjoy the freedoms you have in America.