Prime Minister George Papandreou indicated yesterday that Greece might ___ legal action against certain US banks which, he said, bear “great responsibility” ___ the debt crisis engulfing his country.
Asked during an interview ____ CNN whether Greece had been a victim __ US investment banks, Papandreou said: “I hear the words fraud and lack of transparency. So yes, yes, there is great responsibility here.” Questioned further _____ the possibility of Greece taking legal action _______ these banks, Papandreou responded: “I wouldn’t rule ___ that this may be a recourse.”
Papandreou also referred __ an investigation by Greece’s Parliament ____ deals struck by Greek authorities __ 2000, with help from Goldman Sachs, that allowed them to mask the extent __the country’s debts through the use __ complex financial instruments. “We are looking into the past – how things went in the wrong direction and what kind of practices were negative practices,” Papandreou told CNN.
The role of global investment banks __ a debt crisis that has undermined the euro has been criticized __ several European politicians, most prominently German Chancellor Angela Merkel ___ has urged European governments to crack down __ speculators seeking to profit by gambling on the risk of countries defaulting __ their debt.
In a related development over the weekend, Germany’s economics and technology minister lashed out __ the head of Deutsche Bank for questioning Greece’s ability __ repay emergency EU loans.
“I find the declarations strange, surprising and annoying,” Rainer Bruderle said in comments published __ the website of the financial weekly WirtschaftsWoche. “At a time ____ the debate is being carried out so publicly, such a strong statement __ the television is not helpful,” he added.
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