WEBVTT 00:00:08.343 --> 00:00:13.922 State and banks, hidden aspects of a historical hold up 00:00:13.922 --> 00:00:17.636 Conference by Myret Zaki and Etienne Chouard 00:00:17.636 --> 00:00:21.021 Moderation: fabio Lo Verso (La cité) 00:00:21.021 --> 00:00:22.052 First conference 00:00:22.052 --> 00:00:24.016 "The State, Hostage of the financial sector" 00:00:24.016 --> 00:00:26.999 By Myret Zaki 00:00:28.091 --> 00:00:30.043 I'll stay here taking notes 00:00:30.043 --> 00:00:34.044 because there will be an article about this topic in the next issue of newspaper "La Cité" 00:00:34.044 --> 00:00:36.091 coming out next week 00:00:36.091 --> 00:00:41.092 we'll come back on tonight's discussion 00:00:41.092 --> 00:00:45.006 Thank you very much Fabio, and good evening to all of you 00:00:45.006 --> 00:00:48.030 I am delighted to be here with professor Chouard 00:00:48.030 --> 00:00:56.032 and to discover "l'usine Kugler" and to work in collaboration with "la cité" newspaper 00:00:56.032 --> 00:00:59.037 I personally work for an economics magazine called "Bilan" 00:00:59.037 --> 00:01:03.005 I've written a few books denouncing the 00:01:03.005 --> 00:01:07.048 drift of the financial sector these last years I've been following the evolution of finance the last 15 years 00:01:15.062 --> 00:01:19.085 and I've seen how they played a central role in what we now call "the crisis" 00:01:19.085 --> 00:01:24.009 so we are in the middle of a crisis as you probably noticed 00:01:24.009 --> 00:01:27.012 But we don't really know why ? why now ? 00:01:27.012 --> 00:01:29.062 we suddenly said that Greece was in crisis 00:01:29.062 --> 00:01:33.093 Can anyone tell me why, according to them, 00:01:33.093 --> 00:01:38.097 what triggered the "Greek crisis" 00:01:38.097 --> 00:01:45.095 that is a enormous crisis since end of 2009 00:01:46.586 --> 00:01:48.077 What started all of that in the first place 00:01:48.077 --> 00:01:51.001 if you tell me it is because of its debt 00:01:51.001 --> 00:01:54.087 I will tell you that Greece has the same debt level since several years 00:01:58.013 --> 00:02:02.078 who decided there is a crisis? does anyone know? Nicolas, who knows all the answers :-) 00:02:02.078 --> 00:02:07.008 The bad advices of Goldman Sachs and the way they've hidden, a part of their debt has contributed greatly 00:02:07.008 --> 00:02:12.016 ok good thread. The advices of Goldman sachs contributed to the crisis. I agree 00:02:12.016 --> 00:02:17.077 everything started when at the end of 2009 the notation agencies 00:02:17.077 --> 00:02:23.071 have said that Greece was having little financial difficulties 00:02:23.071 --> 00:02:27.029 as several countries of western Europe 00:02:27.029 --> 00:02:31.027 Their debt rate had slightly declined lately 00:02:31.027 --> 00:02:33.039 and that they needed to improve the way they manage their finance 00:02:33.039 --> 00:02:34.097 that's all 00:02:34.097 --> 00:02:37.006 rating agencies never said that Greece was in bankrupt 00:02:37.006 --> 00:02:41.009 All they said ...(sorry I am speaking too loud in this mic) 00:02:45.021 --> 00:02:49.027 In the coming years Greece should try to have a better management of its finances 00:02:49.027 --> 00:02:51.074 and that was in 2009 00:02:51.074 --> 00:02:54.046 what did really trigger the crisis is that 00:02:54.046 --> 00:02:59.081 there was a meeting between 5 hedge funds 00:03:03.041 --> 00:03:06.057 in a restaurant in new York 00:03:06.057 --> 00:03:07.556 an american newspaper told that story 00:03:07.556 --> 00:03:09.056 this is not a fiction 00:03:09.056 --> 00:03:12.266 one of the speculator present that day was Georges Soros 00:03:12.266 --> 00:03:14.622 the man who hit the bank of england several years ago 00:03:14.622 --> 00:03:17.025 and earned 2 billion dollars on an operation to devaluate 00:03:17.025 --> 00:03:22.053 the british pound.