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State and banks, hidden aspects of a historical hold up

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Conference by Myret Zaki and Etienne Chouard

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Moderation: fabio Lo Verso (La cité)

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First conference

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"The State, Hostage of the financial sector"

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By Myret Zaki

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I'll stay here taking notes

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because there will be an article about this topic in the next issue of newspaper "La Cité"

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coming out next week

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we'll come back on tonight's discussion

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Thank you very much Fabio, and good evening to all of you

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I am delighted to be here with professor Chouard

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and to discover "l'usine Kugler" and to work in collaboration with "la cité" newspaper

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I personally work for an economics magazine called "Bilan"

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I've written a few books denouncing the

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drift of the financial sector these last years[br]I've been following the evolution of finance the last 15 years

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and I've seen how they played a central role in what we now call "the crisis"

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so we are in the middle of a crisis as you probably noticed

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But we don't really know why ? why now ?

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we suddenly said that Greece was in crisis

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Can anyone tell me why, according to them,

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what triggered the "Greek crisis"

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that is a enormous crisis since end of 2009

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What started all of that in the first place

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if you tell me it is because of its debt

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I will tell you that Greece has the same debt level since several years

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who decided there is a crisis? does anyone know? Nicolas, who knows all the answers :-)

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The bad advices of Goldman Sachs and the way they've hidden, [br][br]a part of their debt has contributed greatly

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ok good thread. The advices of Goldman sachs contributed to the crisis. I agree

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everything started when at the end of 2009 the notation agencies

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have said that Greece was having little financial difficulties

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as several countries of western Europe

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Their debt rate had slightly declined lately

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and that they needed to improve the way they manage their finance

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that's all

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rating agencies never said that Greece was in bankrupt

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All they said ...(sorry I am speaking too loud in this mic)

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In the coming years Greece should try to have a better management of its finances

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and that was in 2009

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what did really trigger the crisis is that

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there was a meeting between 5 hedge funds

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in a restaurant in new York

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an american newspaper told that story

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this is not a fiction

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one of the speculator present that day was Georges Soros

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the man who hit the bank of england several years ago

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and earned 2 billion dollars on an operation to devaluate

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the british pound.