Politics
Out of context: Reply #10710
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http://www.guardian.co.uk/busine…
The European parliament has urged EU authorities to investigate the role of Goldman Sachs and other investment banks in contracts that helped inflate Greece's public debt.
Over the past few years, Goldman Sachs and other banks lent money to Greece through currency contracts that allowed the government to raise millions but that didn't count as debt. The transactions led to hefty fees for the investment banks.
"It appears that Goldman Sachs have colluded with past Greek governments to reduce the appearance of Greece's debt for short-term gain, while in reality making it worse than ever," said Arlene McCarthy, vice-president of the European parliament's economic and monetary affairs committee.
http://www.telegraph.co.uk/finan…
Greece loses EU voting power in blow to sovereignty
The council of EU finance ministers said Athens must comply with austerity demands by March 16 or lose control over its own tax and spend policies altogether. It if fails to do so, the EU will itself impose cuts under the draconian Article 126.9 of the Lisbon Treaty in what would amount to economic suzerainty.
While the symbolic move to suspend Greece of its voting rights at one meeting makes no practical difference, it marks a constitutional watershed and represents a crushing loss of sovereignty.