Martin Wolf needs a reminder, a comment by Political Observer

If your going to play the role of political mandarin, as Mr. Wolf does in his essay, then what is called for is a complete honesty! Of course the tiresome but obligatory Anti-Left hysterics lead the way, Syriza, followed by a timely reminder of the shameful record of Germans as serial defaulter. Yet one of the primary bad actors in the Greek Crisis remains outside the ken of Mr. Wolf? And just off stage in this melodrama! Perhaps a reminder is in order?

Headline:

Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt

Sub-headline: 

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.

http://www.spiegel.de/international/europe/greek-debt-crisis-how-goldman-sachs-helped-greece-to-mask-its-true-debt-a-676634.html

Political Observer

http://www.ft.com/intl/cms/s/0/fcb2fb16-1e5c-11e5-ab0f-6bb9974f25d0.html#axzz3eaoyTzeY

About stephenkmacksd

Rootless cosmopolitan,down at heels intellectual;would be writer.
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