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Exclusive: A leading adviser to debt-riven countries has offered to help Athens recover some of the vast profits made by the investment bank
by Jim Armitage/Ben Chu | INDEPENDENT.CO.UK | July 12, 2015
Goldman Sachs faces the prospect of potential legal action from Greece over the complex financial deals in 2001 that many blame for its subsequent debt crisis.
A leading adviser to debt-riven countries has offered to help Athens recover some of the vast profits made by the investment bank.
The Independent has learnt that a former Goldman banker, who has advised indebted governments on recovering losses made from complex transactions with banks, has written to the Greek government to advise that it has a chance of clawing back some of the hundreds of millions of dollars it paid Goldman to secure its position in the single currency.
The development came as Greece edged towards a last-minute deal with its creditors which will keep it from crashing out of the single currency.
The deal is based on fresh economic reform proposals submitted by Athens which bear a striking similarity to the creditors’ offer rejected by the Greek people in a referendum last Sunday – sparking claims that Prime Minister Alexis Tsipras has effectively executed a huge U-turn in order to avoid a catastrophic “Grexit”.
Greece managed to keep within the strict Maastricht rules for eurozone membership largely because of complex financial deals created by the investment bank which critics say disguised the extent of the country’s outstanding debts.
