The Conservative Cave
Current Events => Economics => Topic started by: NHSparky on May 16, 2010, 07:11:42 AM
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Greece Considering Legal Action Against U.S. Banks for Crisis
LINK (http://www.bloomberg.com/apps/news?pid=20601087&sid=aDxF1YfeViEc)
Bloomberg.com
By Timothy R. Homan
(excerpt)
May 16 (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 for broadcast today, 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 May 14, 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.â€
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No, your unsustainable socialist cradle-to-grave entitlements and outrageous/archaic tax system had NOTHING to do with it....
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Typical leftists, looking to blame someone else and sue them.
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All of the European leaders are going to blame capitalism and the "markets" for their own government failures. This is going to become rote for them. You can expect it to continue as everything begins to fall over like dominoes.
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Bring it. :bird:
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Greed and a total lack of any sense of responsibility for the consequences of one's own actions make a terrible combination.