Thursday, 25 February 2010

It's all starting to hit the fan over Greece's "difficulties"

Events regarding the Greek situation are taking a turn for the worst. The following rather amusingly tragic remark can be found at the BBC website

Greek Deputy Prime Minister Theodoros Pangalos has accused Germany of failing to compensate Greece for Nazi occupation during World War II.

Mr Pangalos made the remarks during a wide-ranging BBC interview about Greece's financial difficulties.

"They [the Nazis] took away the Greek gold that was in the Bank of Greece, they took away the Greek money and they never gave it back," he said.

Germany has rejected the allegations, describing them as "not helpful".

In addition the heat is being turned up on Goldman Sachs (GS) and JP Morgan (JPM) in an article in today's New York Times entitled Banks That Hid Debt Now Pushing Greece Toward Ruin regarding the shady practices of setting up swap arrangements for Greece which helped them to qualify for entry into the EMU (do the EMU or Greece still think that doing so was such a great idea?) and subsequently selling Greek debt via the CDS market.

Without spelling out the full expression --- it is all starting to hit the fan.

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