As in the American subprime crisis and the implosion of the American International Group, financial derivatives played a role in the run-up of Greek debt. Instruments developed by Goldman Sachs, JPMorgan Chase and a wide range of other banks enabled politicians to mask additional borrowing in Greece, Italy and possibly elsewhere.
In dozens of deals across the Continent, banks provided cash upfront in return for government payments in the future, with those liabilities then left off the books. Greece, for example, traded away the rights to airport fees and lottery proceeds in years to come.Men de instrumenter bruges stadig - til at gemme gæld i finanssektoren. Der venter mange nedskrivninger, som bankerne med centralbankernes velsignelse beholder på kontoen. Og politikerne er idioter eller medsammensvorne, fordi der ikke bliver gjort noget ved det.
I øvrigt er det en god ting, at euroen går ned. Når nu man ikke må oprette handelsbarrierer som modtræk til snydevalutaer, så må man jo snyde efter reglerne.
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