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

    Meet the deported nurse aiding asylum seekers at US-Mexico border

    Meet the deported nurse helping refugees at the border

    Francisco 'Panchito' Olachea drives a beat-up ambulance around Nogales, taking care of those trying to get to the US.

    The rise of Pakistan's 'burger' generation

    The rise of Pakistan's 'burger' generation

    How a homegrown burger joint pioneered a food revolution and decades later gave a young, politicised class its identity.

    'We will cut your throats': The anatomy of Greece's lynch mobs

    The brutality of Greece's racist lynch mobs

    With anti-migrant violence hitting a fever pitch, victims ask why Greek authorities have carried out so few arrests.