US banks blamed for EU debt crisis

Loading...

Sign in or sign up now!
Alert icon
Upgrade to the latest Flash Player for improved playback performance. Upgrade now or more info.
5,633
Loading...
Alert icon
Sign in or sign up now!
Alert icon

Uploaded by on Oct 8, 2011

US politicians, including President Barack Obama, have been calling on Europe to fix its debt crisis, amid fears it will have a negative impact on the fragile US economy.

But there is evidence that the Greek debt crisis began on Wall Street, at the hands of one controversial US bank.

According to former financial regulators, Goldman Sachs made a dozen derivative deals with the Greeks a decade ago, writing its debt off its balance sheet for a number of years.

They also say that Goldman and Greece were not the only ones working such transactions.

Al Jazeera's Patty Culhane investigates the morality versus legality of who is to blame for the financial crisis that is scaring the world.

  • likes, 15 dislikes

All Comments

Adding comments has been disabled for this video.

Alert icon
0 / 00Unsaved Playlist Return to active list
    1. Your queue is empty. Add videos to your queue using this button:
      or sign in to load a different list.
    Loading...Loading...Saving...
    • Clear all videos from this list
    • Learn more