Greece Considering Legal Action Against U.S. Banks for Crisis

May 16 (Bloomberg) -- Greece is considering taking legal action against U.S. investment banks that might have contributed to the country’s debt crisis, Prime Minister George Papandreou said.

Papandreou said the decision on whether to go after U.S. banks will be made after a Greek parliamentary investigation into the cause of the crisis.

“Greece will look into the past and see how things went,” Papandreou said. “There are similar investigations going on in other countries and in the United States. This is where I think, yes, the financial sector, I hear the words fraud and lack of transparency. So yes, yes, there is great responsibility here.”

SOURCE:Bloomberg

Oh good lord, so we (Americans) are technically already gunna be left partially on the hook when it comes to paying for Greece's loan package and now they have realized that their woes may have been our fault to begin with... (by our I mean corrupt dealers in high places not the average American of course) so they might try and sue us (banks). So maybe someone on ATS can help me figure out whats going on, all I see is a bunch of rats in a hole of debt and all we can do at this point is drag each other down further. Isn't the US the worlds primary debtor at this point? How the hell are they going to sue us? I admit to being naive to financial workings and whatnot but where do we see all this heading? How long will the current system remain in place before the last straw is pulled and the house of cards comes tumbling down?

In the CNN interview, Papandreou said many in the international community have engaged in “Greek bashing” and find it easy “to scapegoat Greece.” He said Greeks “are a hard-working people. We are a proud people.”

“We have made our mistakes,” Papandreou said. “We are living up to this responsibility. But at the same time, give us a chance. We’ll show you.”

[edit on 17-5-2010 by Vicious Jones]

reply to post by Vicious Jones


Oh my God, the irony of it all!
This is just insane! I don't know if I should laugh or cry at this...

If anyone should face legal actions for the crisis, it's the Greek government themselves!

At least for once, the U.S. banks are not to blame.

This world is so full of ignorance I'd like to get off the ride now, thank you. It is spinning so fast it makes me sick.



[edit on 17-5-2010 by Raud]

reply to post by Raud


I guess I'm just not certain at this point who's fault this is. I realize Greece is in the # hole but how did they end up there? Was it their own reckless actions or are they just a link in the chain catching the wave from those further up the ladder?

I believe they're just a link in the chain. They have been living beyond their means, but which country isn't?

The big bankers are the problem. They are the terrorists causing all this mayhem.

Originally posted by Raud

If anyone should face legal actions for the crisis, it's the Greek government themselves!

At least for once, the U.S. banks are not to blame.

To win a civil case, the Greek government would have to prove that the banks are probably to blame. If they can prove that then i say they should screw them to the wall.

I'ld love to know how they're going to pay their lawyers. Maybe they saw one of those "If you've been mis-sold a PPI you may be able to claim compensation" no win-no fee ads on daytime TV.

How funny would that be, the Greek government suing Goldmann Sachs because they'ld been mis-sold payment protection insurance.

Originally posted by Vicious Jones
Oh good lord, so we (Americans)

Did Americans get a cut of the bank profits last year? No? The banks are not "America", no matter what your fascist leaders would have you believe.

reply to post by Vicious Jones


Okay, this is how it goes.

The Greek people knew this was headed their way.

Media told them what was going to happen, for years.
The political opposition warned them too.

What country, except maybe Norway can afford:

Retirement at age 53?
The possibility to inherit pension payments?
Extra pay if you just show up at work?
Two extra salaries a year, one during summer and one during Christmas, besides your vacation salary???

But hey, who wouldn't vote for politicians with those kind of promises, huh? Especially when they really live up to them too!
Both the Greek people and their politicians are to blame.
It is still a democratic country and people voted these maniacs into office. They should have taken to the streets a long time ago.
Doing it now is just refined hypocrisy...

I guess it all turned "Brave New World" on them.
Lured into a reality of hollow comfort.

But somewhere, at some point, someone should have asked themselves; "will this really work in the long run?"
Of course not!!!

And apart from that you have corruption within the state financial department, unpaid (massive) bills, and the fact that Greece didn't have the strongest economy to begin with...

"We are a proud people"
Pfff! What kind of lame excuse is that?
They screwed up, and real bad this time.

But hey, it's much more fun to throw molotov cocktails at the police, maybe create a widow or two and pretend to be a "freedom fighter" than actually taking some responsibility.

Crazy times...

reply to post by Vicious Jones


Okay, this is how it goes.

The Greek people knew this was headed their way.

Media told them what was going to happen, for years.
The political opposition warned them too.

What country, except maybe Norway can afford:

Retirement at age 53?
The possibility to inherit pension payments?
Extra pay if you just show up at work?
Two extra salaries a year, one during summer and one during Christmas, besides your vacation salary???

But hey, who wouldn't vote for politicians with those kind of promises, huh? Especially when they really live up to them too!
Both the Greek people and their politicians are to blame.
It is still a democratic country and people voted these maniacs into office. They should have taken to the streets a long time ago.
Doing it now is just refined hypocrisy...

I guess it all turned "Brave New World" on them.
Lured into a reality of hollow comfort.

But somewhere, at some point, someone should have asked themselves; "will this really work in the long run?"
Of course not!!!

And apart from that you have corruption within the state financial department, unpaid (massive) bills, and the fact that Greece didn't have the strongest economy to begin with...

"We are a proud people"
Pfff! What kind of lame excuse is that?
They screwed up, and real bad this time.

But hey, it's much more fun to throw molotov cocktails at the police, maybe create a widow or two and pretend to be a "freedom fighter" than actually taking some responsibility.

Crazy times...

reply to post by Vicious Jones


Okay, this is how it goes.

The Greek people knew this was headed their way.

Media told them what was going to happen, for years.
The political opposition warned them too.

What country, except maybe Norway can afford:

Retirement at age 53?
The possibility to inherit pension payments?
Extra pay if you just show up at work?
Two extra salaries a year, one during summer and one during Christmas, besides your vacation salary???

But hey, who wouldn't vote for politicians with those kind of promises, huh? Especially when they really live up to them too!
Both the Greek people and their politicians are to blame.
It is still a democratic country and people voted these maniacs into office. They should have taken to the streets a long time ago.
Doing it now is just refined hypocrisy...

I guess it all turned "Brave New World" on them.
Lured into a reality of hollow comfort.

But somewhere, at some point, someone should have asked themselves; "will this really work in the long run?"
Of course not!!!

And apart from that you have corruption within the state financial department, unpaid (massive) bills, and the fact that Greece didn't have the strongest economy to begin with...

"We are a proud people"
Pfff! What kind of lame excuse is that?
They screwed up, and real bad this time.

But hey, it's much more fun to throw molotov cocktails at the police, maybe create a widow or two and pretend to be a "freedom fighter" than actually taking some responsibility.

Crazy times...

Originally posted by pieman

Originally posted by Vicious Jones
Oh good lord, so we (Americans)

Did Americans get a cut of the bank profits last year? No? The banks are not "America", no matter what your fascist leaders would have you believe.

True the banks are not America, but that doesn't mean we don't have to pay for their actions.

Originally posted by Raud

I guess it all turned "Brave New World" on them.
Lured into a reality of hollow comfort.

But somewhere, at some point, someone should have asked themselves; "will this really work in the long run?"
Of course not!!!

But couldn't this easily be said about or what may be said about the good ol' US of A?

good, its about time someone sues USA on its crimes against humanity.

reply to post by Vicious Jones


Why should you have to pay for the actions of the banks??? I don't get it? It's like Pepsi committing a crime and the tax payers having to pay for it.

Dont blame Greece, dont blame the US. Blame those who left loopholes for the BAnks to commit their frauds and get richer.

Its only and ONLY the BAnks faults (big banks that is).

Plus dont drink any other koolaid... not even mine. Think for yourselves.

A country of mere 11 million cant cause such a financial crisis without someone staging it and letting it happen.

Always ask yourself : "Qui bono"?
Youll always get the right answer

reply to post by TheBandit795


What I was getting at is that if the IMF agrees to give Greece 30 billion and the US funds 20% of the IMF, that would leave us on the hook for 6 billion. If the IMF loan is subordinated to existing Greek debt which is mostly held by large multinational banks which will be paid back first with said IMF loan, this will leave the IMF and in turn Americans holding the bag. Overall I guess the point is its all debt, which as far as I can tell means its up to us (whoever the debt is placed on) to make it up. Do you think that American banks will actually pay off our national debt? From what I gather that debt is on us and our children.

[edit on 17-5-2010 by Vicious Jones]

[edit on 17-5-2010 by Vicious Jones]

reply to post by Vicious Jones


Greece gets lended this money with an interrest rate of 6%, instead the usual 2-3%.

How is this non-beneficial for the US and beneficial for Greece again?

Someones winning big time, and its whether the US nor Greece. The IMF and its cronnie banks are. A private banking institution that literally owns half the countries of the world and can dictate foreign policy and it has whole nations armies at their disposal.

Try "apology of an economic hitman" once.

IMF is the frigging devil

[edit on 17-5-2010 by Dynamitrios]

Originally posted by Dynamitrios
reply to post by Vicious Jones

 

IMF is the frigging devil

[edit on 17-5-2010 by Dynamitrios]

right on.

reply to post by Vicious Jones


Like stated in this article you mean:

EXTEND & PRETEND: Shifting Risk to the Innocent.

The innocent meaning the taxpayers.

Ok, the Greece are entirely correct in their claims here.

Back when the Banking Crisis hit in 2008, I cried found because the banks where acting in the shadows using hedge funds.

Here's a a video clip of me detesting the actions back in 2008.

From my blog post:
Greece And ECB Blow Whistle On US Bank Fraud Scam That Caused 2008 Financial Crisis.



http://(nolink)/2010/05/16/greece-ecb-blow-whistle-bank-fraud-scam-caused-2008-financial-crisis/


The irony here is that the governments knew about it then and did nothing. Perhaps they where scared that letting the cat out of bag would have caused world financial collapse being the outsanding insurance payouts where far over $60 trillion at that time.

Greece and the EU are really letting the cat out of the bag by making this secret known. Outstanding leveraged debt on these puppies has grown to over $700 trillion since the 2008 crisis.

The difference is this time that Sovereign Government Debt is on the hook and not just the banks.


However, it not surprising in the the new Greek government blew the whistle on the previous Greek government using this same scam to cover their debt.

Greece is just saying that if "I am going down, your coming with me".

In this article on my blog, I tear the apart the original news release. At the bottom of this article is a lawsuit filed by against US banks by Wamu and Wachovia alledgeding the same fraud, unfortunately under the pretense of that the banks are committing the fraud under the pretense of the New World Order.

------------------------

And for those who believe the propaganda that Greeks are lazy and just don't won't work. Don't Believe the Propaganda.

If you choose to then we will be the next country that these unjust "Austerity Measures are being pushed upon".

For example the Retirement age in Greece is Really 65 and not 53 or 40 that I have seen widely reported. The austerity plan really calls for the retirement age being pegged to averaged life expectancy. In the US that would mean no social securty, penson, 401k, etc until your 80 which unless you live longer than the average person you don't collect a dime and you have to continue working until then.

Also the plan calls for a 23% VAT (Value Added Tax).

The Best Way I can explain that is a 23% Sales tax on EVERYTHING you buy.

Read more in my other blog post:

America – Are You Ready For Greece Style Austerity Measures?
http://(nolink)/2010/05/13/america-ready-greece-style-austerity-measures/



[edit on 17-5-2010 by alexhiggins732]

Greeks do not live above their means, it's a lie. The age of retirement in Greece is 63, ie if you start work at 18, you must work for 35 years to get a pension. Greeks have two extra salaries per year, but wages are half of those in rest of EU. The starting salary in Greece is 700 euros, when a beer costs 5 euros. That's the official lowest salary, but the real one is much lower. Greeks are #2 in EU in number of working hours per week. Most Greeks waited for the extra two salaries to celebrate Christmas and go on vacation.
Please stop spreading FUD about Greece. If you have any questions on Greece, i will gladly reply.

reply to post by masterp


I think the majority of people who replied to this thread along with myself agree with you.