Hedge Funds, Goldman Sachs Lurk Beneath Greek Crisis
January 24, 2012 Greek workers have taken to the streets again this week to fight against further austerity measures in their country as the nation's political leadership tries to strike a deal with private creditors, bond holders and the IMF to restructure its debt in hopes that it can avoid a full, and disorderly, default on its sovereign debt. Beneath it all, however, lurk the same lingering financial instruments hatched by the same familiar Wall Street institutions that led to the financial collapse in 2008.
The Indepenent in London reports this morning:
A group of hedge funds is threatening to block a last-ditch attempt to save Greece from defaulting on its huge debt pile, unless they are guaranteed a significant payout.
There will be a final attempt today – when a group representing Greece's private sector bondholders meets senior ministers in Athens – to negotiate a writedown of the value of the country's debt ahead of a crucial bond repayment deadline next month.
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http://www.commondreams.org/headline/2012/01/18-1
