State and banks, hidden aspects of a historical hold up

Conference by Myret Zaki and Etienne Chouard

Moderation: fabio Lo Verso (La cité)

First conference

"The State, Hostage of the financial sector"

By Myret Zaki

I'll stay here taking notes

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

coming out next week

we'll come back on tonight's discussion

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

I am delighted to be here with professor Chouard

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

I personally work for an economics magazine called "Bilan"

I've written a few books denouncing the

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

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

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

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

we suddenly said that Greece was in crisis

Can anyone tell me why, according to them,

what triggered the "Greek crisis"

that is a enormous crisis since end of 2009

What started all of that in the first place

if you tell me it is because of its debt

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

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

The bad advices of Goldman Sachs and the way they've hidden, 

a part of their debt has contributed greatly

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

everything started when at the end of 2009 the notation agencies

have said that Greece was having little financial difficulties

as several countries of western Europe

Their debt rate had slightly declined lately

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

that's all

rating agencies never said that Greece was in bankrupt

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

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

and that was in 2009

what did really trigger the crisis is that

there was a meeting between 5 hedge funds

in a restaurant in new York

an american newspaper told that story

this is not a fiction

one of the speculator present that day was Georges Soros

the man who hit the bank of england several years ago

and earned 2 billion dollars on an operation to devaluate

the british pound.