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Greece Is Considering Suing US Banks

From Bloomberg:

Greece Considering Legal Action Against U.S. Banks for Crisis

By Timothy R. Homan

May 16 (Bloomberg) — 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 today, was taped on May 13. Neither Papandreou nor Zakaria mentioned any banks by name…

Papandreou said the decision on whether to go after U.S. banks will be made after a Greek parliamentary investigation into the cause of the crisis.

“Greece will look into the past and see how things went,” Papandreou said. “There are similar investigations going on in other countries and in the United States. This is where I think, yes, the financial sector, I hear the words fraud and lack of transparency. So yes, yes, there is great responsibility here.”

In the days leading up to the May 10 announcement of a loan package worth almost $1 trillion to halt the spread of Greece’s fiscal woes, European Union regulators were examining whether speculators manipulated the prices of bonds and equities and contributed to the crisis.

The Committee of European Securities Regulators said on May 7 it was investigating “exceptional volatility” in the markets and would work with other regulators, including the U.S. Securities and Exchange Commission, as part of a coordinated clampdown.

European Central Bank President Jean-Claude Trichet said May 6 that he was concerned about speculation in bond markets using credit default swaps. “By first buying the CDS and then trying to affect market sentiment by going short on the underlying bond, investors can make large profits,” he said…

Greece will have to get in line.

Hopefully, there will be something left for them after Mr. Obama is done.

This article was posted by Steve on Sunday, May 16th, 2010. Comments are currently closed.

6 Responses to “Greece Is Considering Suing US Banks”

  1. mr_bill says:

    Ohhh, those evil US banks, first they were twisting peoples’ arms to make them take out mortgages they couldn’t afford. Now they have graduated to making the country of Greece spend itself into debt oblivion by forcing the government to give the country away to union demands. (/sarc)

    This is a good illustration of the love/hate that so many feel toward the US. They hate our prosperity out of sheer envy and want us to be as miserable as they are but at the same time, they love that we have been so generous to the rest of the world with our prosperity and they can’t wait for the US to rescue them from their own ruin, again. Of course, the fact that they are dependent on us neanderthals and savages in the US to save them only fuels more hatred of the US. It’s a cycle of self-loathing that Europe has been well acquainted with for quite some time.

  2. Rusty Shackleford says:

    It’s a cycle of self-loathing that Europe has been well acquainted with for quite some time.

    Might’ve even had something to do with certain adventurous types leaving home and finding another place to live some years ago. (I’m thinkin’)

    And as for:

    “There are similar investigations going on in other countries and in the United States. This is where I think, yes, the financial sector, I hear the words fraud and lack of transparency. So yes, yes, there is great responsibility here.” …

    What about, “Don’t give your money to the flim-flam man”? Did it ever cross your mind to be more responsible with your own money? What appears to be happening is that the argument that money doesn’t grow on trees is so commonplace that the latest edition of “adults” never learned it. “Money is magical and mommy and daddy always managed to come up with the money to by me an ice cream or a new bike.”

    I regret that I have to live in times that have shown the world to be so irresponsible because people confuse responsibility with cruelty. Making everyone suffer for the benefit of a very few is bad logic. It’s unsound. It’s purely emotional crap. Though no one wants to be cruel, sometimes in the face of overwhelming logic, a few have to suffer to benefit the great majority. But that few can get help in other ways. Simply supplying them money to feed their problems is IRResponsible. In fact, it has proven time and again to be foolhardy.

  3. JohnMG says:

    It’s really simple to me. You sue us, asshole, and the one trillion goes away. Quit acting like the spoiled little brat you are Papa!

  4. proreason says:

    Sorry Greece.

    Wrong color.

    Now, if you can figure out how to vote for the Moron…..

  5. pamypo says:

    Can we get our money back?


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