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Thread: Greece may take legal action against US banks [edited]

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    Greece may take legal action against US banks [edited]

    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.p...nks-2010-05-16

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    re: Greece may take legal action against US banks [edited]

    Quote Originally Posted by kaya'08 View Post
    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...

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    re: Greece may take legal action against US banks [edited]

    The irony is so amusing.

    Usually it's Americans perusing ridiculous and outlandish lawsuits instead of taking personal fault for choices.
    A screaming comes across the sky.
    It has happened before, but there is nothing to compare it to now.
    Pynchon - Gravity's Rainbow

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    re: Greece may take legal action against US banks [edited]

    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.

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    re: Greece may take legal action against US banks [edited]

    Quote Originally Posted by kaya'08 View Post
    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.
    PeteEU

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    re: Greece may take legal action against US banks [edited]

    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

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    re: Greece may take legal action against US banks [edited]

    Quote Originally Posted by rogerredy View Post
    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...
    Of course, but that does not excuse the investment banks helping the previous government hide the Greek debt from the auditors.. does it now..
    PeteEU

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    re: Greece may take legal action against US banks [edited]

    Quote Originally Posted by digsbe View Post
    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.
    PeteEU

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    Re: Greece may take legal action against US banks [edited]

    tell it to bloomberg

    tell it to merkel

    tell it to...

    President Nicolas Sarkozy 'threatened to pull France out of euro' - Telegraph

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    Re: Greece may take legal action against US banks [edited]

    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?

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