Goldman Secret Greece Loan Shows Two Sinners as Client Unravels
Bloomberg Greece’s secret loan from Goldman Sachs Group Inc. (GS) was a costly mistake from the start.On the day the 2001 deal was struck, the government owed the bank about 600 million euros ($793 million) more than the 2.8 billion euros it borrowed, said Spyros Papanicolaou, who took over the country’s debt-management agency in 2005. By then, the price of the transaction, a derivative that disguised the loan and that Goldman Sachs persuaded Greece not to test with competitors, had almost doubled to 5.1 billion euros, he said.
http://www.bloomberg.com/news/2012-03-06/goldman-…
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