Merkel versus Goldman-Sachs

Merkel versus Goldman-Sachs

Quelque peu agacée par l’article du New York Times décrivant en grands détails l’action de Goldman-Sachs vis-à-vis de la Grèce, jusqu’aux plus récents événements (voir dans cette rubrique, au 16 février 2010), la chancelière allemande Angela Merkel a jugé nécessaire, sinon de son devoir, de dénoncer cette pratique. (Selon EUObserver, ce 18 février 2010.)

«German Chancellor Angela Merkel has strongly criticised investment banks who allegedly helped Greece to mask the true extent of its mounting debt pile over the years from EU monitors.

»“It would be a disgrace if it turned out to be true that banks that already pushed us to the edge of the abyss were also party to falsifying Greek statistics,” said Ms Merkel during a speech in north-eastern Germany.»

La Commission européenne, entrainée par le mouvement et par la lecture de l’article, s’est également émue et a décidé de réagir en agitant le règlement. («…The European Commission has given Athens until this Friday to provide further details on the deal as it seeks to determine whether EU rules were broken.») Idem pour le Commissaire Barnier, mais lui dans un contexte plus large qui concerne le rôle des spéculateurs dans ce qu’aucuns jugent aujourd’hui à propos de nommer “la crise de l’euro”.

»Adding to the anger of lawmakers is the role similar banks have played in destabilising the eurozone by betting on a fall in the value of the euro or on the likelihood of Greek sovereign default.

»Politicians in EU countries such as France, Germany, Spain and Greece have attacked the speculating activities of hedge-funds and banks in recent weeks. In particular, they point to the dangerous role played by credit default swaps, insurance-like contracts that pay out when an issuer defaults, and rise in value as credit conditions deteriorate. On Tuesday, EU internal market commissioner Michel Barnier said a closer look at the effects of such instruments needed to be carried out.

»Goldman Sachs is among the main group of speculators that has sought to profit from the ongoing market doubts over the Greek economy, notes the influential Coulisses de Bruxelles blog, highlighting the dual role “aider” and “attacker”' played by the investment bank.»

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