Politics

Goldman's Golden Fleece

By Mary Bottari

The steady stream of revelations regarding the role Goldman Sachs has played in the fleecing of Europe should reinvigorate efforts in Congress to rein in the reckless trading that could send the global economy into another tailspin.

To recap, Greece and a number of other European Union countries are dangerously in debt. EU rules say member countries cannot have budget deficits that exceed 3 percent of their gross domestic product (GDP). The Greek government recently revealed that its debt is closer to 12 percent of GDP. Other countries including Spain, Ireland, Italy and Portugal are also in trouble. Like our behemoth banks, these countries are ?too big to fail.? A default by any one of them would put an end to talks of ?green shoots? and could lead to a double dip recession.

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Full post as published by PR Watch on March 02, 2010 (boomark / email).