Owed on a Grecian term

Nick Sawyer

In July 2003, Risk published an article revealing a cross-currency swap between Greece and Goldman Sachs in 2001 that had helped the Hellenic Republic reduce its public debt figures by several billion euros (Risk July 2003, pages 20–21). Over the past month, with Greece struggling to reduce its budget deficit, news organisations across the globe have reported feverishly on the transaction.

Nine years after the deal took place, details about the trade are still sketchy. Greece was able to swap US

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