This Interview was recorded 15.11.2011 and broadcasted on BBC's show 0HardTalk. Invited guest Kyle Bass, who is a hedge fund founder (and who owns shares in a major defense systems company) had seen the financial crisis escalating and made a fortune from it, on the show he speaks about the current financial crisis and makes a shocking revelation. Bass reveals that half of the CDS on a possible Greek default are OWNED BY GREEK BANKS THEMSELVES!
"Greece has 380 billion euros of unbalanced sheet debt, if you go to the DTCC website and you understand the CDS market place, the net CDS position today in Greece is 7 billion dollars. 500 billion (US dollars) of cash, 7 billion (US dollars) in CDS and by the way... guess who owns more than half of the 7 billion? The Greek banks own it themselves! So when you saw (German Chancellor Angela) Merkel and (French President Nikola) Sarkozy and you saw (IMF Head) Lagarde back when she was the Finance Minister of France if you remember on the very front end of this back in 2010 they were on a workout about CDS and all of a sudden they stopped when they realized that the majority of the people that own CDS are hedgers in Greece owning Greek CDS."
If the information on this video is true, then it proves that interests from within Greece worked systimatically with the PASOK government of George Papandreou against our very own country so that it can default.This also proves why he received so much support from the banks when he was running against former leader of the ND party Costas Karamanlis.
There is no need to ask who sold them the CDS... it is obvious. The very own brother of George Papandreou owns a company that also deals with CDS.
THIS IS MADNESS AND BY FAR THE BIGGEST SCAM TO DATE!
Do Greek people realize what this means if it is true? Basically, the banks will be paid if Greece defaults, and we the people will be forced to pay for their recapitalization and their insurance while we suffer from 10 years of strict austerity. And if Greece does not default then we the people will have to continually feed the banks until we default as a people!
Is there any justice in this country?
Gia skotoma eine...
PROODOTES Tou kerata!
Ti na poume... Exoume meini kaggelo.
Source - Porta-Porta OLYMPIA
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