Goldman Sachs could face lawsuit for helping hide Greek debt - report

A former Goldman Sachs banker suggested Greece start legal action against his former employer over complex financial deals that helped the country hide its national debt in 2001 and continue borrowing despite its poor economy, the Independent reports.

The banking giant made as much as $500 million from the transactions known as “swaps”, which translated Greek debts issued in dollars and yens into euros, the British daily says. The figure is, however, disputed by Goldman, which refuses to state an exact number. The deals were prepared by Antigone Loudiadis, who reportedly received $12 million a year for the job.

Now Loudiadis’ former colleague, Jaber George Jabbour, who used to design swaps at Goldman, sent a formal letter to the Greek government, saying it could “right historical wrongs as part of [its] plan to reduce Greece’s debt,” the report says …. http://rt.com/business