{"id":328627,"date":"2010-02-16T12:41:13","date_gmt":"2010-02-16T17:41:13","guid":{"rendered":"tag:consumerist.com,2010:\/\/1.10002198"},"modified":"2010-02-16T19:38:12","modified_gmt":"2010-02-17T00:38:12","slug":"wall-st-helped-hide-greeces-debt-now-its-kablooie","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/328627","title":{"rendered":"Wall St. Helped Hide Greece&#8217;s Debt, Now It&#8217;s Kablooie!"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/consumerist.com\/assets_c\/2010\/02\/blownupparthenon-thumb-300x165-37061.jpg\">         <\/p>\n<p>Looks like Goldman turned the Parthenon into a gunpowder magazine for a <a href=\"http:\/\/en.wikipedia.org\/wiki\/Parthenon#Destruction\">second time<\/a>; Greece&#8217;s recently revealed debt crisis is rattling the world economy and familiar culprits are at play: Wall Street banks, off-the books loans, derivatives, and other occult financial instruments. I guess we blame the consumer on this one too?<\/p>\n<p>For instance, in a deal brokered by Goldman Sachs, Greece used swaps to trade away the rights to airport fees and lottery proceeds for money. Since they weren&#8217;t recorded as loans, the true size of Greece&#8217;s liabilities and deficit was hidden from bond buyers and regulators. Now the truth is out and the market has turned on its former darling.<\/p>\n<p>Hmm&#8230; sounds similar to the American sub-prime meltdown, for which the &#8220;greedy American consumer&#8221; was first eviscerated. Let&#8217;s instead hold up the banks to their supposed fiduciary responsibility. There&#8217;s a reason why cops prefer to bust dealers instead of users. <\/p>\n<p><a href=\"http:\/\/www.nytimes.com\/2010\/02\/14\/business\/global\/14debt.html?dbk=&#038;pagewanted=all\">Wall St. Helped to Mask Debt Fueling Europe&#8217;s Crisis<\/a> [NYT]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Looks like Goldman turned the Parthenon into a gunpowder magazine for a second time; Greece&#8217;s recently revealed debt crisis is rattling the world economy and familiar culprits are at play: Wall Street banks, off-the books loans, derivatives, and other occult financial instruments. I guess we blame the consumer on this one too? For instance, in [&hellip;]<\/p>\n","protected":false},"author":5467,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-328627","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/328627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/5467"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=328627"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/328627\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=328627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=328627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=328627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}