Beware of Greeks Bearing New AAA-Rated Gifts: Jonathan Weil
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July 7 (Bloomberg) -- Structured finance helped turn Greeceinto a disaster zone. It seems only natural that Greece wouldlook to structured finance once again to buy time.
The spark that accelerated Greece’s debt crisis early lastyear was the revelation that Greek authorities had used somefancy derivative trades a decade ago to mask the true size ofthe country’s debt. Today it’s Greece’s creditors who aredreaming up the wacky financial engineering, in hopes that theEuropean Union can keep pretending the nation isn’t bankrupt.