300 Trillion Derivatives losses
June 28, 2013
Greyerz: “A few years ago when the problems in Greece started, it was found that the Goldman Sachs had helped them to hide the real truth of their economy by a major derivatives positions.
Now we’ve found out that Italy has done exactly the same thing. They took out derivatives in order to meet euro criteria back in the late 1990s. They had a total of $31 billion of derivatives and now they are finding that at least $8 billion of that is worthless. That’s about 30% of the entire position….
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