It has been reported that Greece did off-balance-sheet transactions to qualify for inclusion the European Union. Now it is reported the government-owned bank, Hellenic Post Bank, actually made bets that would profit on Greece's economic problems.
Greece lied and cooked their books to participate in the euro. Now they have beet on their own economic collapse. If this was a fictional story, people wouldn't believe it could happen.
How much more of this behavior until everyone sees their government as the criminal?
TT bet against Greece
State-controlled Hellenic Post Bank (TT) spent nearly 1 billion euros last year to secure its positions against the possible bankruptcy of the Greek government, according to documents seen by Kathimerini.
In August, the bank bought credit default swaps (CDS) – a form of insurance on financial instruments – worth 950 million euros when the spread on the Greek five-year bond over the German Bund was at 135 basis points.
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