Greece : A Simple Solution to the Debt Problem

I never thought I would find myself sympathizing with the Greeks, but sanctimonious condemnations coming out of Germany is the height of hypocrisy.  The cheap, easy money that lies at the root of the present problems got to Greece largely due to the German trade surplus recycled by EU banks and institutions.  So when Merkel or Schaeuble blames the Greeks, it is akin to a crack dealer blaming the addict.

I know you must all be sick of this subject but as the grim saga rolls on one topic is strangely absent from all the commentary : the part played by Goldman Sachs.  That imperial institution was integral to the original arrangement that allowed Greece to appear to pass the tests and qualify for Euro entry when in reality it had not made the grade.  So we would not be in this mess unless Goldman had played around with the Greek balance sheet.  Was this fraud or merely superior client service?  If fraud who is to blame: Greece, Goldman, or both?  For me this is the dog that did bark yet the elite in Europe strangely seem to want to put a muzzle on the subject.  And why is no one in the mainstream media writing about this?  Surely here is the Trojan horse of 1999?

There is no way to quantify the extent of the damage that has been caused by this calculated deception.    Certainly the financial drain runs to hundreds of billions of dollars and let us not forget about millions of lives ruined. 

My question is this : why is no one suing Goldman?  Specifically why is the EU/ECB not suing Goldman?  You can understand why no one is suing Greece.  What is the point?  Goldman, however, is solvent.  While we may never know who cooked up the idea to indulge in creative bookkeeping and exactly who did what surely there is a clear case of conspiracy to defraud.  A judgement of say €250 billion would come in handy; and would offset a good chunk of the country’s debt.  Problem solved!

So why are the IMF and others not preparing to bring this case?  Could it be that so many of these institutions have close and cosy relationships with the Vampire Squid?  The ECB is run by an alumni of Goldman.  The scope for conspiracy theories is endless.  As for the Greek government, it should stop threatening the ECB, really their only realistic saviour, and get on and sue Goldman, a move which would also have the benefit of being almost universally popular.  No need for a referendum here.  And if they win no doubt Morgan or Deutsche can come up with a L/C, or Citbank can create a factoring arrangement to allow the judgement proceeds to be discounted into cash while the appeal process drags on.  Get on your bike Yanis and go for it, or lend it to Euclid and let him calculate the required haircut.