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Posts: 1,400 | Thanked: 3,751 times | Joined on Sep 2009 @ Arctic cold of northern .fi
#22
To anybody accusing bankers on making risky loans to Greece:

1. Greece is a member of the European Monetary Union (euro)
2. Greece had good credit ratings.

1+2 meant that greek goverment bonds were guaranteed by ECB's (European Central Bank) repo window. This made Greek goverment bonds look like extremly safe investments.

1 and 2 were possible only because greek goverment kept forgering and engineering information about Greece's financial data.

Last edited by Rauha; 2010-05-04 at 17:59. Reason: Typos