BBC: Goldman Sachs played Greek bond investors


From BBC’s Newsnight, a short documentary on the scam which involved the Usual Suspect: Credit default swaps.

BBC also hosted a debate in Athens on whether or not Greece should default and go back to the drachma.

New York University economist Nouriel Roubini argued that the only viable option for Greece is default.

Athens News reports:

An American economist has warned that the bailout packages imposed on Greece were leading to a bigger recession and argued that the only solution for the country’s problems was ditching the euro and returning to the drachma.

Nouriel Roubini, a New York University professor of economics and international business, was speaking at a debate on Tuesday in Athens on “Greece should default on its debt and leave the euro”.

>snip<

Roubini argued that Greece needed growth and to regain its competitiveness, which could only come about through a return to the drachma and devaluation.

Read the rest.

Siding with Roubini was fellow economist Costas Lapavitsas, of the University of London’s School of Oriental and African Studies . Speaking in opposition to default and drachmas were Miranda Xifa, one-time executive director of the International Monetary Fund, and Denis MacShane, who had served as Britain’s minister to Europe.

For another take on the debate, see here.

And, say, isn’t it about time to impose a little “austerity” on Goldman Sachs?

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