The Parthenon freeze

Did Greece's state pension funds lose their marbles over structured bonds? Nick Dunbar tells the exclusive story of the backlash over an investment that went wrong

On November 14, 2006, the Greek public supplementary pension fund, Teapoka, received a letter proposing an unusual investment. The offer, also made to three other Greek pension funds, set off a chain of events culminating in a criminal investigation, as well as a storm of firings and recriminations at the highest reaches of the Greek government and London-based financial institutions.

Teapoka is typical of what the Paris-based Organisation for Economic Co-operation and Development (OECD) has

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