Regulators to dissect Goldman Sachs' role in Greece crisis - papers

clock

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 examini...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Party politics: Why investors should celebrate AIM's 30th birthday, even if the government won't

Party politics: Why investors should celebrate AIM's 30th birthday, even if the government won't

AIM has helped 4,000 businesses raise £135bn since launch

Eustace Santa Barbara
clock 19 June 2025 • 4 min read
AIM at 30: Why advisers should take a fresh look at the UK's junior market

AIM at 30: Why advisers should take a fresh look at the UK's junior market

'We see AIM as a jewel in the crown with long-term appeal for the right clients'

Oliver Brown
clock 17 June 2025 • 4 min read
Taking the rough with the smooth: How to navigate global market volatility

Taking the rough with the smooth: How to navigate global market volatility

'Like investing, smoothing isn't one-size-fits-all'

James Tothill
clock 13 June 2025 • 4 min read