Something tells us the story of Greece's one billion currency swap and particularly the involevment of a bank everyone loves to hate, Goldman Sachs is going to run and run.Therefore we are going to republish a large chunk of the original 2003 story from Risk, which has now been unlocked and can be read in full here. It provides background to the trade, names of some of the key players, how the risk was hedged and why it never showed up in the books.It's a familiar tale of how investment bankers help their clients mask reality without, of course, doing anything illegal.
By Porta-Porta
Source - olympia
February 16, 2012
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