Friday 23 February 2018

Greece considers legal action over its debt

Timothy R Homan

GREECE is considering taking legal action against US investment banks that may have contributed to the country's debt crisis, Greek Prime Minister George Papandreou said over the weekend.

"I wouldn't rule out that this may be a recourse," Mr Papandreou said, in response to questions about the role of US banks in the crisis, in an interview on CNN. US stocks fell and the euro slumped last week on concern that Europe wouldn't be able to contain the debt crisis stemming from Greece.

Mr Papandreou said the decision on whether to go after US banks will be made after a Greek parliamentary investigation into the cause of the crisis.

"Greece will look into the past and see how things went," Mr Papandreou said.

"There are similar investigations going on in other countries and in the United States. This is where I think, yes, the financial sector, I hear the words fraud and lack of transparency. So yes, yes, there is great responsibility here."

Mr Papandreou said many in the international community had engaged in "Greek bashing" and found it easy "to scapegoat Greece".

He said that the Greeks "are a hard-working people. We are a proud people".

"We have made our mistakes . . . We are living up to this responsibility."

Irish Independent

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