Did US banks hide Greek debt?

Ex-regulators say US banks played big role in causing Europe's financial crisis by writing debt off balance sheets.

    " />

    US politicians, including President Barack Obama, have been calling on Europe to fix its debt crisis, amid fears it will have a negative impact on the fragile US economy.

    But there is evidence that the Greek debt crisis began on Wall Street, at the hands of one controversial US bank.

    According to former financial regulators, Goldman Sachs made a dozen derivative deals with Greece a decade ago, writing its debt off its balance sheet for a number of years.

    They also say that Goldman and Greece were not the only ones working such transactions.

    Al Jazeera's Patty Culhane investigates the morality versus legality of who is to blame for the financial crisis that is scaring the world.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Why Jerusalem is not the capital of Israel

    Why Jerusalem is not the capital of Israel

    No country in the world recognises Jerusalem as Israel's capital.

    Strong quotes for Martin Luther King Jr Day

    Quotes from Martin Luther King Jr that resonate today

    Quotes of justice, education, religion and race said by MLK Jr.

    Trump rage ignores the truth

    Trump rage ignores the truth

    Poor people living in the slums of Africa and Haiti have indeed a miserable life.