This is a journalistic sefvizio economy published almost a year ago, demonstrating that we must never forget some ads. The article in The New York Times February 23, 2010 was passed almost unnoticed in Italy. Yet it was the bell that marks the end of recreation for the Italian economy. The title "Wall St. helped to mask debt fueling Europe 's crisis" (Wall Street helped to conceal the European public debt) summarizes the view of the three authors, L. Story, L. Thomas, N. Schwartz. The U.S. banks Goldman Sachs and among all the European countries have allowed some to cover up the budget deficit to the EU. The most exposed is that Greece has signed two agreements with Goldman least derivatives such as swaps names mythological Ariadne and Aeolus in 2000 and 2001 to make cash now in exchange for mortgages on future cash receipts from taxes and from the airport lotteries. The greek government classified the contract as sales and not loans (risky) long-term. No one knows how many of these contracts were awarded and in what amount.
Angela Merkel said it would be a scandal if Greece had concealed his debt. According to Bloomberg are at least 15 banks that have lent the form of a swap where the counterparty risk is borne by Greece. With swaps are essentially assets from the banks of the sums of money in terms of an event that may or may not occur and (usually) does not occur. The customer then finds himself having to repay the loan with interest bodied as is happening in many towns Italians who are in debt in recent years. The swap serves to move forward as a debt but, sooner or later be paid. It 's like a credit card. The problem is compounded when the debt is not declared as such and suddenly emerge from the budgets of states. The same thing happened with the subprime banks can be derived with the swap with the state.
Banks are always looking for great deals and the States are about to drown. Last November, with Greece in a crisis, Goldman Sachs has returned to Athens at the crime scene to offer with yet another tool to move the debt of financial health in the future. Greece has not accepted or, perhaps, could not accept. The article also cited Italy ... "The tools developed by Goldman Sachs, JP Morgan and other banks have allowed politicians to disguise loans in Greece, Italy and possibly elsewhere" ... "States like Italy and Greece entered the EU with a deficit greater than that allowed by the treaty that created the euro. Rather than raise taxes or reduce spending, these governments artificially reduced their deficit with derivatives."
The Greek public debt is 298.5 billion euro at the end of 2009, a default greek drag If too many big banks. The Greek economy is still only 3% of European GDP. A plan of action is possible. The real threat to European economic stability second Robert Mundell, Nobel Laureate in Economics, is Italy. Italy has around 1,800 billion euro debt, Greece six times, a quarter of European debt and may be subject to speculative attacks. How many derivatives entered into by the Treasury, with whom and under what conditions? Public debt should not rely on the state secret.
Today, February 23, 2010 , Greece has stopped for a nationwide strike. Closed airports, stations, ports, schools, universities. Newspapers are not released. In the center of Athens have clashed unemployed today and the police, the unemployed of tomorrow. The bankers and politicians attended closed in their palaces. Those responsible for the crisis, which has hidden the extent of the debt to the citizens and the EU are not at risk (for now). The Government has reduced the salaries of public employees and cut many social services, but no one believes this is sufficient to halt the crisis. Greece, which is spoken in Italy soon and unwillingly, has a public debt equal to one quarter of ours and a similar rate of unemployment. Athens called Rome. Step. Athens calls Rome ...
Greece to the collapse point the finger at Italy . The Greeks do not understand why, if we are worse than they are to be their worst in us. Power Raiset. "Beppe, however, that the greek prime minister who is angry with the poor Italy ... (News clearly 'forgotten' by reports of the regime) is worth the entire post: "Pangalos: Italy has been masked finances most of Greece - Wednesday, February 24, 2010. LONDON (Reuters) - Italy has made most of Greece to mask the state of its finances in order to secure its entry into the euro zone. said the deputy prime minister Theodoros Pangalos greek ... The European Union has asked Greece to clarify the rumors printing trade in derivatives with banks U.S. investment used to hide the size of its debt and deficit towards the EU authorities with a view to its entry into the euro zone. "Just put some money for next year ... is that all they did and Greece did so to a lesser extent Italy, for example, "Pangalos said in an interview with the BBC World Service radio." John Ross
(taken from a post by Beppe Grillo, whom I thank, web page http://www.beppegrillo.it/2010/02/la_fine_della_ricreazione/index.html)
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