Goldman Sachs Complicit in Greece Debt Default?

Editor's note: You know it's bad when you're not even shocked by the news anymore. This time, our little rat friends at GS decided to pawn off some exotic derivatives - a favorite! - to Greece in 2002, masking the true state of the country's financial condition. Who do you blame? Greece for taking the deal or Goldman Sachs for making it? - JDA

It isn't enough to bankrupt entire municipalities with exotic debt instruments that they don't understand, the big banking boys are also happy to destroy entire countries. Oh dear, JP Morgan, Goldman is making you look bad, why didn't you think to take down Greece?! Jefferson County, Alabama? What a bunch of f$%^ing amateurs. Oh wait! I forgot, JP Morgan is already being sued by the City of Milan for pulling this derivatives crap in Italy. Close enough.

Point is, Goldman has some more sins to atone for. Add them to the ever-growing list.

Via Spiegel (love those freaking Germans sometimes):

Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit.

Greeks aren't very welcome in the Rue Alphones Weicker in Luxembourg. It's home to Eurostat, the European Union's statistical office. The number crunchers there are deeply annoyed with Athens. Investigative reports state that important data "cannot be confirmed" or has been requested but "not received."

Read the rest via Jr Deputy Accountant.