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Greece may take legal action against US banks [edited]

kaya'08

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Greece is considering taking legal action against U.S. investment banks that might have contributed to the country’s debt crisis, Prime Minister George Papandreou said.

“I wouldn’t rule out that this may be a recourse,” Papandreou said, in response to questions about the role of U.S. banks in the crisis, in an interview on CNN’s “Fareed Zakaria GPS.” The program, scheduled for broadcast on Sunday, was taped on May 13. U.S. stocks fell and the euro slumped on concern that Europe wouldn’t be able to contain the debt crisis stemming from Greece. The Standard & Poor’s 500 Index declined 1.9 percent on May 14, while the euro fell below $1.24 for the first time since November 2008.

Mr Papandrou, the horrific state of the Greek economy is as a result of GREEK stupidity and arrogance. First convenient claims that Germany had not properly compensated Greece during the WWII occupation of Greece, and now US banks are the sole reason Greece is on the verge of anarchy!

How low of you all!

http://www.hurriyetdailynews.com/n.php?n=greece-may-take-legal-action-against-us-banks-2010-05-16
 
Mr Papandrou, the horrific state of the Greek economy is as a result of GREEK stupidity and arrogance. First convenient claims that Germany had not properly compensated Greece during the WWII occupation of Greece, and now US banks are the sole reason Greece is on the verge of anarchy!

How low of you all!

Greece may take legal action against US banks - Hurriyet Daily News and Economic Review

It was the banks helping his finance ministry hide the debt, perhaps his legal expenditures would be more efficiently directed at weeding out the fraudsters within his own government...

The banks were merely doing what their clients (the Greek government) asked them to do, manage the nation's debt.

Perhaps if the public pensions and payrolls were reduced to rational numbers... :2wave:
 
The irony is so amusing.

Usually it's Americans perusing ridiculous and outlandish lawsuits instead of taking personal fault for choices.
 
What foolish leadership Greece has. They are that way due to their stupid spending habits. They deserve nothing, let their government rot and crumble so a better one can rise up.
 
Mr Papandrou, the horrific state of the Greek economy is as a result of GREEK stupidity and arrogance. First convenient claims that Germany had not properly compensated Greece during the WWII occupation of Greece, and now US banks are the sole reason Greece is on the verge of anarchy!

How low of you all!

Greece may take legal action against US banks - Hurriyet Daily News and Economic Review

Title and linked article title do not match. That is against Breaking News guidelines.

They are thinking of it, as they should as any responsible person. The investment banks had a hand in hiding the true value of the Greek debt problem.

That of course does not in any way excuse the poor state of the Greek economy in any way, but it did not help it either did it now.
 
Euro Falls to Lowest Since Lehman as Breakup Concern Increases - Bloomberg.com

‘Mummy’ Merkel battered as Germans lose faith in EU - Times Online

the ecb used its nuke option, national banks are buying up the public debts of the southerners...

there're also those insidious currency swaps

on which our addled, ad libbing admin has smudged its flummoxy fingerprints all over

Debt Aid Package for Europe Took Nudge From Washington - NYTimes.com

Geithner Says Europe Will Fix Sovereign-Debt Crisis (Update1) - Bloomberg.com

party on, progressives

planet wide
 
It was the banks helping his finance ministry hide the debt, perhaps his legal expenditures would be more efficiently directed at weeding out the fraudsters within his own government..

No it was not his finance ministry. It was the previous conservative government's ministry.

The banks were merely doing what their clients (the Greek government) asked them to do, manage the nation's debt.

No that is not what happened. The Banks came with a new fancy product they were peddling and the Greeks bought it. It is the same crap that brought down AIG and others.

Perhaps if the public pensions and payrolls were reduced to rational numbers... :2wave:

Of course, but that does not excuse the investment banks helping the previous government hide the Greek debt from the auditors.. does it now..
 
What foolish leadership Greece has. They are that way due to their stupid spending habits. They deserve nothing, let their government rot and crumble so a better one can rise up.

And let me repeat again. This has to do with the banks helping the previous government, a conservative lead government, hide the debt of the Greek state. The hiding of the debt caused the problem with Greece, NOT the crazy spending habits. They did of course not help, but the lack of trust of the Greek government is the root cause of the Greek economic melt down, which is based in the fact that the Greek government under conservative leadership hid debt with the help of the US banks in question.
 
I do not have a vibrant opinion on the lawsuit itself; I sincerely doubt that Greece will win the lawsuit but beyond that; meh. Yet the so-called "conservative" government was so far to the left it's only "conservative" by Greece's very left standards. I mean, who else has a un-apologetic communist party who still sniffs that Stalin had all the answers?
 
If the banks and the previous greek governments can be found to have committed fraud then they both should be sued or locked up
 
If the banks and the previous greek governments can be found to have committed fraud then they both should be sued or locked up

Exactly.. at least this politician has the balls to even be thinking about it.
 
11 million citizens in Greece, 4 million contribute to the coffers....1 million of those are government workers paid from the coffers.

Nah, couldn't possibly be Greeces socialist political environment, unfundable social spending, or entitlement mentality causing economic problems....Of course there's nothing wrong with socialism...all the problems are caused by American bankers...

Oh, BTW....see any parallels? The U.S. is careening down the same track.
 
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the IMF report discussed yesterday by mr king is devastating:

1. the united states debt to growth ratio is rising faster than any developed nation on earth

2. the trajectory of our entitlement obligations is steeper up than any but russia's

3. our debt maturity is sooner than all but japan's

the eu IS greece, the eu IS the us, it's planet wide

party on, progressives

over the precipice
 
thanks

to me, the FIXES appear draconian

impossibly draconian

the FIXES won't fly politically

everyone knows what needs to be done

the eu and president putz aint doin it

they're chicken

and they're wonky symps

they're disposed to bailouts, entitlements, economic intervention...

it's in the dna

it's in the syntax
 
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Title and linked article title do not match. That is against Breaking News guidelines.

They are thinking of it, as they should as any responsible person. The investment banks had a hand in hiding the true value of the Greek debt problem.

Not just the Greek debt problem, but the world's debt problem! Greece is clearly playing a "pass the blame" game. If you can't see it, i certainly cannot make you. First the Germans where to blame for something that happened almost 100 years ago, and now the Greeks are looking elsewhere to divert the media's attentions of there foul lies and gain some money in the process.

Perhaps if they saved the money they intend to spend on court cases and put it towards the economy, there would be no need for such a blame game?
 
Not just the Greek debt problem, but the world's debt problem!

Oh I agree, but I ask you this.. the debt of nations has been far far worse than it is now, as has deficits... so why is it all of a sudden a problem? Sure Greece lied, and should be punished for it.. why Portugal and Spain who actually did save up/pay off debt during the good years... soo.. why now?

Greece is clearly playing a "pass the blame" game. If you can't see it, i certainly cannot make you.

Of course they are. However they SHOULD go after people who helped previous governments get Greece into the toilet it is. This includes these banks. Not my fault you are not for accountability by big banks. Banks and politicians should all be accountable for what they did to get us into this mess we all are in.. no not the debt issue, the credit crunch.

First the Germans where to blame for something that happened almost 100 years ago, and now the Greeks are looking elsewhere to divert the media's attentions of there foul lies and gain some money in the process.

Er. One minister came with a lame ass comment (even though factual) and suddenly it is all Greeks? And in this case you provided, the PM was asked a question and answered lol. Not like it is being plastered all over the place and mentioned by the PM on a daily basis is it now?

Perhaps if they saved the money they intend to spend on court cases and put it towards the economy, there would be no need for such a blame game?

You do know that every nation on the plant has had debt since forever right? That it is very few nations that actually save up/pay off debt during the good years.....and the biggest sinner in history is the US.
 
Oh I agree, but I ask you this.. the debt of nations has been far far worse than it is now, as has deficits... so why is it all of a sudden a problem? Sure Greece lied, and should be punished for it.. why Portugal and Spain who actually did save up/pay off debt during the good years... soo.. why now?

That sentence did not make any sense lol. What exactly are you asking?



Of course they are. However they SHOULD go after people who helped previous governments get Greece into the toilet it is. This includes these banks. Not my fault you are not for accountability by big banks. Banks and politicians should all be accountable for what they did to get us into this mess we all are in.. no not the debt issue, the credit crunch.

That's not my point, though. My point is, how does the leadership of Greece intend to justify spending millions on a court case instead of bailing out there struggling economy? Why sue them now and not later? Because they know they will win and get some return. It has nothing to do with accountability, but passing the blame and getting some money. This doesn't give me the impression papandrou is serious on grappling his countries finances. It sounds to me like he is trying to find the easy way out.

And the moral issues aside here, no one country or bank can be held responsible. This is just the Greeks scapegoating again.

Er. One minister came with a lame ass comment (even though factual) and suddenly it is all Greeks? And in this case you provided, the PM was asked a question and answered lol. Not like it is being plastered all over the place and mentioned by the PM on a daily basis is it now?

As far as i am concerned, somebody as high up as a minister represents the opinions of the Greek government who represent the Greek people.

You do know that every nation on the plant has had debt since forever right? That it is very few nations that actually save up/pay off debt during the good years.....and the biggest sinner in history is the US.

I think you misunderstood what i said. The US is in the process of recovery, and the financial crises stemmed from there. This only serves to highlight a leadership problem in Greece, clearly. Even the UK is experiencing growth now, and we are far more exposed to US banks then Greece.
 
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Exactly.. at least this politician has the balls to even be thinking about it.

It isn't balls, it is pathetic. It is another example of how Greek leaders are trying to foist the blame on others when it was their own ruinous fiscal policies that have put them in this situation.
 
It isn't balls, it is pathetic. It is another example of how Greek leaders are trying to foist the blame on others when it was their own ruinous fiscal policies that have put them in this situation.

So you are saying that the Greeks should not go after those who were complicit in the problem... I see.. so you are one of those non-accountability conservatives when accountability means one of your own will be hit.. now that is pathetic.
 
You don't have to be a conservative to find this pathetic, after all Greece is responsible for their fiscal policy no matter what some bank advised them to do. US banks should take legal action against Greece for libel and slander.
 
You don't have to be a conservative to find this pathetic, after all Greece is responsible for their fiscal policy no matter what some bank advised them to do. US banks should take legal action against Greece for libel and slander.

Problem is Greece did not approach them.. the banks approached Greece with a product designed to hide the debt. They were advised by the bank that it was legal and no problem. That was very bad advice and considering the information we have been getting on these very banks playing both sides of the track.. then the question arises if the banks set up Greece (and others) to fail so the banks could earn trillions.

There is this thing of aiding a criminal or illegal act.. which is what the banks did.
 
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In the CNN interview, Papandreou said many in the international community have engaged in “Greek bashing” and find it easy “to scapegoat Greece.” He said Greeks “are a hard-working people. We are a proud people.”

“We have made our mistakes,” Papandreou said. “We are living up to this responsibility. But at the same time, give us a chance. We’ll show you.”

Papandrewpoop packed a lot of crap into a few sentences.


Greek bashing
?
Ahhh... like they don't deserve a little ridicule. It's the same reason why Obama is ridiculed. Forcing dumb ideas upon us who's time has long passed.

Easy to scapegoat Greece?
YES! Like Obama. It's easy to identify and mock stupidity. Greeks have had more time at it though.

Hard working people?
LOL... they misquoted him. He said "hardly working people".
Even hardlier working people than most of Europe.
A little like Obama's Amerika. Some work, some jerk.

We have made our mistakes?
His speech writer lifted this from Queen's, We are the Champions.
He was going to sing it to the press, but cooler heads prevailed.

They are living up to this responsibility?
Oh yeah baby! We see that!
Point your fingers in other directions for your own problems.
This guy a lost twin of Obama's?

They'll show us?
This is the "Yes we can" substitute.
They have already shown us. We know Greece and Greeks.
They behaved like they were behind the Iron Curtain for decades.
Now they want to flip a switch and say "New Greece"! LOL.

Sorry, it takes at least a generation to begin the process of eradicating the feces they've used as a grease substitute to lubricate the Greek machinery.

.
 
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