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Goldman Sachs Trojan Horse Digs into Euro-zone

Politics / Euro-Zone Nov 24, 2011 - 01:10 PM GMT

By: Pravda

Politics

The German Christian Democratic Union (CDU) chaired by Angela Merkel urged to introduce changed in the Lisbon Treaty and other European agreements stipulating an opportunity for European countries to pull out from the eurozone. The countries would preserve their EU membership in such a move.


Greece has a new government, but it has not led to any positive changes. The problem of the national debt crisis remains the same. Western media paid attention to the fact that the newly appointed prime ministers of the problematic countries of the eurozone and the new chairman of the European Central Bank are closely related to Goldman Sachs Bank.

It goes about the President of the European Central Bank Mari Draghi, Greek Prime Minister Lucas Papademos and the new chairman of the Italian government, Mario Monti.

The head of the ECB, Mario Draghi, served as the vice president and the managing director of the European division of Goldman Sachs in 2002-2005. Dragi was in charge of financial swap sales, which gave an opportunity to conceal sovereign debts. Greece was manipulating statistics data after it found itself in the debt pit.

The public debt was growing most actively from 1994 to 2002, when sitting Prime Minister Lucas Papademos chaired the Central Bank of Greece.

In 2001, when Greece switched to the euro, Goldman Sachs assisted Athens in receiving a multi-billion-dollar loan. The transaction was registered as a currency conversion operation.

Manipulations with statistics gave Greece an opportunity to make everyone believe that the country was meeting the EU's requirements regarding the budget deficit. The Goldman Sachs technologies gave Greece an opportunity not to reflect the real state of affairs in statistics.

According to France's Le Monde, Prime Ministers Lucas Papademos and Mario Monti rose to power without elections as a result of establishment of the so-called governments of national unity, chaired by technocrats.

As for Mario Monti, he had served as a European Commissioner for anti-monopoly policies in 1994-2004. In 2005, he was appointed an international advisor at Goldman Sachs.

Le Monde referred to the three officials as "members of the European government of Goldman Sachs."

Now the European Commission wants written guarantees from Greece saying that the country will observe credit obligations.

German Chancellor Merkel said Tuesday that she wanted to obtain a legal right for Brussels to interfere in the budget politics of the states that violate fiscal discipline. In the meantime, Jim O'Neill, the chairman of Goldman Sachs Asset Management, stated that the eurozone countries could lose their confidence in the joint currency, pull out from the currency bloc and introduce national currencies instead.

Vitaly Salnik
Pravda.ru

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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