Abstract
AbstractWhat caused the economic collapse of Greece? One factor many people point to was an arrangement between Goldman Sachs and the Greek government. Circa 2001, Greece and Goldman Sachs agreed to do cross‐currency swaps in which the parties exchanged foreign exchange (FX) obligations, which had maturities that stretched over several years. Some say that Greece‐possibly facilitated by Goldman Sachs‐wrongfully concealed these transactions from European Union regulators, and others. That will be determined by the evidence. But the author believes that making OTC swaps or Goldman Sachs a scapegoat for bad investment decisions is a wrongheaded diversion. The more important question is: Were these cross‐currency swaps inherently too hazardous? The author, who has practiced law, public accounting, and investigations for more than 2 decades, unravels this complex story to get at the truth. © 2013 Wiley Periodicals, Inc.
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