The contentious role played by Goldman Sachs in Greece's debt-saddled financial crisis is under scrutiny by financial regulators in the US, the chairman of the Federal Reserve, Ben Bernanke, has revealed.
Goldman has come under fire for helping the Greek government to structure complex derivatives deals early in the decade and "borrow" billions of dollars in exchange rate swaps, which did not officially count as debt under eurozone rules.
Details of the arrangement between Greece and Goldman were first revealed in a 2003 article by IFAonline's sister title Risk, which can be read here.
Critics say such conduct contributed to unsustainable public finances which have destabilised the euro.
Giving evidence in Washington to the Senate banking committee, Bernanke said the Fed was examining the conduct of Goldman and other Wall Street banks in the troubled southern European country. Full Guardian story...
HOUSE PRICES IN the UK went into reverse in February, bringing to an end nine consecutive months of price rises, Nationwide said in the building society's monthly survey of the market according to The Times.
Prices fell by 1% from their levels of last month. However, Martin Gahbauer, Nationwide's chief economist, warned that the fall could be the result of special factors, such as the snow and the expiry of the holiday on stamp duty. Full story...
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