Wallstreet lands Europe deeper in debt

startribune.com/business/84308332.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aUUsZ

***Wall Street helped Europe to land deeper into debt
Greece, Italy and possibly other countries hid their problems by using financial tactics developed by firms from the United States.

By LOUISE STORY, NELSON D. SCHWARTZ and LANDON THOMAS JR. , New York Times

Wall Street helped Europe to land deeper into debt
Greece, Italy and possibly other countries hid their problems by using financial tactics developed by firms from the United States.

By LOUISE STORY, NELSON D. SCHWARTZ and LANDON THOMAS JR. , New York Times

Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts.

As worries over Greece rattle world markets, records and interviews show that with Wall Street's help, the nation engaged in a decadelong effort to skirt European debt limits. One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels.

Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts.

As worries over Greece rattle world markets, records and interviews show that with Wall Street's help, the nation engaged in a decadelong effort to skirt European debt limits. One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels.


[quote="human_being, post:1, topic:186776"]
startribune.com/business/84308332.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aUUsZ

***Wall Street helped Europe to land deeper into debt
Greece, Italy and possibly other countries hid their problems by using financial tactics developed by firms from the United States.

By LOUISE STORY, NELSON D. SCHWARTZ and LANDON THOMAS JR. , New York Times

Wall Street helped Europe to land deeper into debt
Greece, Italy and possibly other countries hid their problems by using financial tactics developed by firms from the United States.

By LOUISE STORY, NELSON D. SCHWARTZ and LANDON THOMAS JR. , New York Times

Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts.

As worries over Greece rattle world markets, records and interviews show that with Wall Street's help, the nation engaged in a decadelong effort to skirt European debt limits. One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels.

Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts.

As worries over Greece rattle world markets, records and interviews show that with Wall Street's help, the nation engaged in a decadelong effort to skirt European debt limits. One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels.


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Even if that were true, Europe had been sinking intoa recession even before the recession affected the U.S. Also, the EU has no backup bailout program to help any country's economy. If it goes, it goes. Within the next year, the EU will probably be no more because of its weaknesses.

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