Greece may sue US Banksters

Greece Considering Legal Action Against U.S. Banks (Update1)
By Timothy R. Homan


May 15 (Bloomberg) -- Greece is considering taking legal action against U.S. investment banks that might have contributed to the country’s debt crisis, Prime Minister George Papandreou said.

“I wouldn’t rule out that this may be a recourse,” Papandreou said, in response to questions about the role of U.S. banks in the crisis, in an interview on CNN’s “Fareed Zakaria GPS.” The program, scheduled to air tomorrow, was taped on May 13. Neither Papandreou nor Zakaria mentioned any banks by name.

U.S. stocks fell and the euro slumped on concern that Europe wouldn’t be able to contain the debt crisis stemming from Greece. The Standard & Poor’s 500 Index declined 1.9 percent yesterday, while the euro fell below $1.24 for the first time since November 2008.

Papandreou said the decision on whether to go after U.S. banks will be made after a Greek parliamentary investigation into the cause of the crisis.

“Greece will look into the past and see how things went,” Papandreou said. “There are similar investigations going on in other countries and in the United States. This is where I think, yes, the financial sector, I hear the words fraud and lack of transparency. So yes, yes, there is great responsibility here.” ...........(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aoa4U3NHx7YU&pos=6

by the way,
without the euro, and that is what will happen soon,

Greece will have an economy
comparable tp Somalia

..... that don't give a crap about Greece or the United States for that fact of matter. Please serve that Koolaid elsewhere.

If they had their own currency it would have never gotten to this point because they could have done what we are doing.

Print more money and devalue their currency making it more attractive to do business from larger countries with better currencies (well we are the largest economic country, but Ben is printing up a storm).

How the hell does Greece compete with Germany using the same currency.

And I would call that suing the institutions that robbed them.

Take my advice. Talk to people who are better informed than you are. LISTEN to them.

Ignorance and having an opinion unsubstantiated by any education on the issue and than voicing your opinion on said issue in a 2 sentence response is the way we do things in these parts.

The US is not a bank, the American citizens are not banks.

In fact I would bet you that without theses banksters, this country would function just fine and dandy. But these corporations have their tentacles wrapped around everything in the US because they are allowed to amass excessive wealth. Because of this excessive wealth, they are able to rule Americans like peasants.

The lawsuits are not directed at a country, they are directed at a group of thieves and cheats who have been terrorizing a country with financial weapons of mass destruction.

But instead we give them more money.

cloud their balance sheet and Goldman complies within the letter (but not the spirit) of the law. That is what Greece, the client, requested. So Greece asked for it and they got it - one of those "be careful what you wish for" moments if you ask me.

Greece has one reason for its bad situation and it is not social programs etc like the right likes to parrot. The problem with Greece is that it has an inherently corrupt tax collection scheme. They do not need to raise taxes - they just need to actually collect the taxes. Very wealthy people with yachts and mansions get away with claiming 20K Euro in annual income...onyl a few thousand people claimed an income over 100,000 Euro.

Tax Collectors in Greece take significant bribes from taxpayers too.

Sorry...this IS Greece's fault.

I had dinner with a Greek friend last week and he said sure they have free health care, for example, but when he needed an operation they put him on such a long waiting list that he decided to pay the surgeon under the table and got the operation immediately.

Of course this is just one example and after a few drinks it gets a bit clouded, but it sounds like corruption might be a bigger issue. Why pay taxes when you don't get anything for them.

and yes their public officials are corrupt.

and the easy solution is default which will punish all parties equally.

Of course, that would result in the bankers eating the stew they cooked up and that is as unpleasant in the EU as it is in the USA.

Washington consensus collusion fucked up the planet.