You are on page 1of 245

7 2011

|
07/02/2011- 2744/2010

:
.
,
,
(.)
, .
, . ,
.
(CDS) . ,
.
O ,
.
95% CDS . (wall street journal, businessweek ).
, , 6
CDS! !
, ,
, !
; ,
, dexiextrem.
1981
18 1981 .
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


2001

1
Goldman
SACHS.
.
1,5 ,
2009!!


( 1). http://wp.me/pbW97-km6
2009
[UPDATE 05/10/2010]

Untermstrich Peer Steinbruck,


2009 .


. Real.gr http://www.real.gr/

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

14 2009
2009
. To
.
, , ,
, .
2009
, ,
! 2009 ,
!

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

2009
[UPDATE 22/12/2010]
swap 2009,
3/3. , ,

.
swaps 2001 2007,
Eurostat 15/11.
Bloomberg News ( 21/12/2010) ,

.
swaps ,
3/3

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Bloomberg News. , Jean-Claude Trichet,


110 . -!



.
http://www.enet.gr/?i=news.el.oikonomia&id=235394 Bloomberg Sues ECB to Force Disclosure
of How Greeces Swaps Hid Deficit

!
2009
: http://news.kathimerini.gr/
...
! ;
.
, ,
!
. , 14
2009 , :

, .

,
, ,

. ,
,
.
,
2009 Cry havoc and let slip the dogs of war
.
!
.
. (. 2001) . (.
2010) . ( ) (
) .Diamantopoulou ( Bilderberg) ()
, .
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

. 2009
. :
http://www.ethnos.grTo .
, spread , ,
.
, , ,
.
.
;
. .
30;
;
.!
. , ,
!
!
,
.
(1)

.
:
.
(2)

.
!
,
, ,
. ,
,
, , , .

!
(98% !) , ,
,
2011 !

,
!
, ,
,
, , ,
.
!
!
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

! ,
, !
;

, 2009 1,5 .
, . 2010
,
200 . , 2009.
, 2009 ,
1,2 . ,
.
, 2009
0,7 . .
, 2009 0,5 .
.
, 2009 2010
2009, 0,6 . .
, 2009 0,2 .
,
. , , 9
2010 30,3%
2009, .
, 2009
( ), ,
( ) 2,2 . .
, 2009 ,
0,7 .
9.
, 2009
,
9 2009 2008 1,1
. . 2 . ,
3 . ! ,
, 9 .
, ,
, (
)
1,7 . .

[UPDATE 16/9/2011]
H
2010:
2009 15,4% Eurostat.
, 14%,
,
, .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, ,
: 09
, 14%,
. Eurostat
15,4%.
;

(.. )
, 151 , .
, Eurostat.
,
. .
, , .

2009
;
.
Soros.
6
:


,
.
6/11/2009
7/11/2009 kathimerini.gr
tovima.gr
; !
5/11/2009
, .
, !
; ;
spread :

2009

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

8 2009 Fitch Ratings


+ -.
9 2009 . :
,
1974. [...] . ,
, ,
, ,
, , .
.
10 2009, Fitch,
:

!
!
: http://www.antinews.gr/?p=41425

[UPDATE 13/7/2010] ! :
http://www.antinews.gr/
, ,
, . sread 160 !
11 !
CNBC
SPREAD
!
! ;

2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


( ) (!) ,
!
!
8 ,
25 (, !) , 25 2010.
30 2010 Euronews !
25 ;
[UPDATE 15/9/2010] ;
, , (
),
.
. spread .
, ,
, ( )
5 , 25 ,
, 500
600 . . 3 5
,
, .

,
. , , ,
, . : 25 !
! !
110 , (
) ,
! ( antinews.gr)
2010
CNN, !
CNN ! ! ! ! !
! http://www.tubechop.com/watch/97258 19
(O )
. ; Le Monde
, Goldman Sachs
.

. ,
. 19
.
,
, FED,
Goldman Sachs .

, (3) ( 3)
2010
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

18 , ,
(
)
. . H :
www.topontiki.gr
2010
2 , (..olympia.gr) Goldman
Sachs
. ,
122
( ) PIGS. ,
.

, , Ecofin.
, ,
48 :
: Goldman Sachs Ecofin.
!

, 181
. 24 24
ECOFIN,
! 24 :
: , ,
. cofin (
) 122,
,
48 .
:
122 .
: ,
..
, ,
![UPDATE 31/10/2010]
H , .
, !
!

2013
:
01.05.2010 31.12.2013
( . )
: / , &

2010 : 15,80 / 38,00

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

2011 : 31,30 / 40,00


2012 : 31,70 / 24,00
2013 : 24,90 / 8,00

: 103,70 / 110,00
: ( )
http://www.gkordis.com/2010/10/blog-post_4919.html
110 ,
():
, .
. () ( )
!
2010
2 2010 tvxs.gr ,
, . , ,
, . ,
.
. 11
, fund , Hayman Private Equity,
7 . 1,25%, ,
, fund
.
. .
20 . (MoU)
Hayman Private Equity
( tvxs)
4 2010
. :
http://www.antinews.gr/?p=48640E 2010

!
[...] , 270 ,
. ,
, . , ,
, , , , ,
, , , ,
,
holding. ..[...]www.papandreou.gr
2010
..

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

2009, , 240 . 300 ,


!
!
;
.
2009, 59 67 ,
12 . , ,
,
700 .
,
. 32%
2010!
19 ; ;
. ,
. !
. , . , (, C4I,
Siemens) 110 !
3 (!) ! 36,6 ! (
1 ) 2014-2016 :

2014 : 36,60 + 26,97 = 63,57


2015 : 36,60 + 16,05 = 52,26
2016 : 36,60 + 5,82 = 42,42

158
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

! 2009,
!

1
2010
[UPDATE 23/12/2010]
, (;)
. ,
2024!
, ,
,
! Down (;) !
,

(ethnos.gr).
! 0,1% 0,3%.
40% 60% !

110 0.05 3 = 16,50


110 0.053 10 = 58,30 ( ,3% )

!
(o ,
()=*(1+)^ 17,34 75,68)
! 80 ! ! ! !
. MEGA,
201-2015 80 ! !
, !
,
.
. COSCO, ,
, . ,
.
,
.
, !
.

,
() (, )
, ! :
2009

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, ;
, ,
,
! !
0 10% ( 21% 23%)
! !
20% ( 11% 13%)
2011, 4% !
,
,
( ). ;
;

, ,
. ( : )
, , !
, ,
bonus,
and the world goes around
, ;
, ! (..),
40% 60% !
(, , ) .
:
(31/21/2010)
0,15 0,50
2008 3.357.490 0,15,
2009 1.241.752 0,50
2008 : 3.357.490 x 0,15 = 503.623,50E/
2010 : 1.241.752 x 0,50 = 620.876,00E/
. ,
, 900.000 ;

1.2 !
2012
2011
[UPDATE 3/1/2011]
spread 9 1000 !!! !

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

:
14/01/2011 (9)

, ,
,
+, BBB- .
rating B, F2
,
.
,
junk investment,
.
;
;
, ,
;
; (
http://www.antinews.gr/?p=79989)
2011
7 2010
-!
o
-.


2009, ,
.
-
Canal+ .
http://news.kathimerini.gr/4dcgi/_w_articles_politics_100072_20/02/2011_433401
2011
4/4/2011 , ,
, .
,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, .
E.

.
, . ,
, , .
!
, (
) , .

. . .
,
.
! ,
.


( ,
),
. .
. , 15 2006
, .
.;
Dolphin Capital
Investors (http://www.dolphincp.com/index.cfm?page=1156)
Soros Real Estate Partners SREP. .

,

.
.
.
. ,
.
, . 4
,
.
.
!
.
:
O Soros ,
!!!!http://www.skai.gr/player/TV/?MMID=112208
:
http://kavvathas.wordpress.com
http://olympia.gr
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

http://arahova.wordpress.com
http://www.market-talk.net
. : [update]

(1) E .

.

.
(2) http://http://www.antinews.gr/?p=51928&cpage=1#comment-478452
(3) Le Monde : En Europe, Goldman Sachs recrute des hommes de pouvoir pour asseoir le
sien
LE MONDE | 01.03.10 | 14h13 Mis jour le 01.03.10 | 14h13
Londres Correspondant
es compliments, Petros Christodoulou affecte de sen moquer do quils viennent. Depuis son
adolescence, ce premier de la classe a lhabitude dentendre dire le plus grand bien de sa
personne. Nomm le 19 fvrier la tte de lorganisme de la gestion de la dette publique
grecque, il est aujourdhui aux premiers rangs.
Reste que lancien responsable des marchs de la National Bank of Greece (NBG) est au coeur
de lenqute, annonce le 25 fvrier par la banque centrale des Etats-Unis (Fed), sur les contrats
relatifs la dette grecque liant la banque daffaires amricaine Goldman Sachs, et dautres
socits, au gouvernement dAthnes.

.. dexiextrem.
A

Posted by dexiextrem 5, 2010


2009
12.9 , .
, .
., . .
13.9 31 .
, , 5 .
, 1 . ., .

2009
4.10 spreads 130 .
5.10 ,
, 3 10 . ,
, 10
.
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

19-20.10 .
. , 12,7,
.
22.10 Fitch - .
5.11 .
.
, . .
11.11 .
,
.
18.11 2010, 9,1%
12,7% . :

2.000 ,

1,5%,
2010.

24.11
2009, , ,
, .
, .
. .
.
28.11 . , ,
.
2009
8.12 Fitch Ratings
+ -.
9.12
1974, .
.
10.12 . , ,
, .
14.12 . : .
. ,
, ,
,
:

, .
M 2.000 .
10% .

16.12 Standard & Poors,


- +.
20.12 , . ,
, .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

22.12 2 1,
oodys.
29.12
, . .
,
.
2010
5.1 .
3% 2012 2013
.
13.1 . , 100
, , ,
. , 100
, .
14.1
, 0,3% 2010
1,5% 2011, 1,9% 2012 2,5% 2013.
25.1 ,
25 . ,
, 8 . , 6,2%.
,
, .
27.1 Financial Times
25 . , Goldman Sachs.
spreads 400
29.1 .
.
31.1 . , ,
,
,
.
2010
3.2
2010-2013 ,
3% 2012.
4.2 , . ,
2010, : ,
,
.
8.2 . , ,
,
.
11.2 . , , ,
.
14.2 . :
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

18.2 23 ,

.
. , ,
.
,
. ,
.
2010
3.3 :

30% , ,

, 9% 10%
2 19% 21%
20% 8 3

, 10%, , 12%.

4.3 . : , .
11.3 . .
.
, , .
13.3 . : , , .
, .
19.3 . , :
.
Wall Street Journal, , :

,
.


().
26.3 , .
.
, . . ,
.
2010
6.4 ,
, .
spreads 453 .
9.4 . , .
11.4 . ( ): ,
.
, .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

16.4
() ..:
. ,
,
,
. , ,
,
.
23.4 :

.
24.4 . ,
:
, ,
,
, , .
, , , .
.
2010
2.5 . ,
, 36,4 . .
, , ,
.
Eurogroup
. ,
2010-2012, 110 . , 30 . .
. :
.
3.5 . .
: ,
.
4.5 , ,

. ,
. , ,
: 100.000
2011-2013, ,
20%, ,
30% - -
11% 23%,
2012, .
, .
6.5 172 ( ,
), 121 (, , ) 3 (. , .
, . )

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


.
spread 1.028 !
.
,
,
.
7.5
+10 ( ),
. .
10.5 .
: 65, 2013
, 60 , , , 3% 9%,
1.400 ,
2018.
2010
14.6 Moodys
16.6 , ,
. ,
.
12 (.. , 13
14 ) 28 , 24 ( 28 ).
21.6 ,

.
, .., .
26.6 . 8
,
.
27.6 , 5 . ,
(
15 30% ) 3,75 . . : ,
.
2010
4.7 :
, , . .
.
5.7 , -
Financial Times:

.
7.7
: ,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

. , ,
,
,
.
8.7 159 , 137 2
. ,
, , .
.
.
12.7 27

-
( 3%
60% ). , ,

.
14.7 . , CNBC:
. 2011
, .
2010
12.8 . , Christian Science
Monitor: , . []
,
.
, .
. .
20.8 ,
:
, ,
, .
23.8 . , ,
, : ,

2010
2.9 . , :
, .
10.9 ,
, : -
, .
12.9 . 75
:

spreads 900
16.9 . ,
..:
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,
, .
18.9 75 ,
:
.
23.9 : [..]
, , , ..

. . :
- : !
- : . !
- : , !
: . . 12 ,
,
, 2!
31 . ,
, 5 .
, 1 . ., .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


E 16/2/2010


,
, .
.

CDS ( credit default swaps).
. ..
,
,
.

.
,
. . 75% (!)
CDS.
. ,
,
- ,
.
CDS .
,
, ... !
CDS ,
:
,

.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

...
! ! ,

!
. . ,
,
CDS, .
, ,
.
,
,
,
.
,
6,2%,

.

,
.
,
...

,
.
.
( )
. :

-25%
.
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, !

,
!

. *
:


iskra . , ,
,
.

;
; , ,
; - ,
; ; ;
; ,
, , ;
; ;
, ; ;
;
, , ,
- , (
), ( ). ,
,
- ,
.
, ,
, ( )
, ,
. ,
, -
( ).
, ,
. ,
,
- ,
, , ,
(

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,
, ).
, ,
300 , (
, ), 360
, , ,
60 ,
, ( ),
. :
: ,

* ,
,
.
, , ,
60 ,
, . ,
10 . 1 . , ,
, - ,
9 . . ,
, ( ),
.
, ,
-
() ,
( ,
,
Merkel, ,
- ).
,
,

, , .

.
, 1999 , 2008,
(: IMF).
,
2008 , ,
. - ,
( , ,
, , ).
, ,
,
, , ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

( , .),
.
I , , , ,
, :
I: 2011, ,

: MM (IMF)
: .
: 30% ,
, 109%. ,
,
, .
, 2013,
. ,
, , -
.
. : , ,
. ,
, ... ,
.
, G.Soros, .
: ,
, ,
. ,
,
. , ,
, , ,
.
: , , (
), . ,
, .
: , ,
, .
(), .
: ,
, . ,

, , .
: ,
. ,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

: (),
. , ,
150% - (, .),
(). Cosco ( ), ,
, .
...: , , .
. ,
,
( ).
: ,
,
(
). ,
( ), 5.000 .
: , 2008, , (
), 254% , 333% ,
, .
, ,
(333%) (321%), ,
, , .
, ..., ,
, .
,
, 22% , , .
, . ,
,
- .
, ,
-
( ),
,
.

, , ,
( ), (EFSF)
,
.
,
, EFSF, CDS
, , ,
EFSF (
).
, EFSF,
CDS , , 20%
, ,
440 , 2 .
, ,
CDS ,
, , .
, /
,
(), .
, ( ) Merkel,
,
CDS / -

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, , /
.
,
-, .
: ,
, ,
.
, ,
EFSF, ,
:
: - ,

: EBA
: .
: BIS,
8 , 43 ,
30 106 . 150 ,
, .
,
,
. ,
, , ,

.
, ,
, ,
, .
, CFA, .
,
,
, .
,
R.Edlinger (
130 .), , -
! , ,
,
.


, 565 (
). , . A.Ritschl ( ), :

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

.
: ,
, ,
.. ,
, .

.
, , .
( , , ,
, ),
- .
,
, , ,
1953, .
,
, . ,
, ,
, ,
. ,
, ...
1953.
, K.H.Roth,
,
.
, ,
Merkel
, , ,
( Spiegel,
).
, . K.H.Roth,
, ( 3
), -
, - (Degrides).
, 14. 1946 , ,
, 7,1 $ -
1938. 3,5% (248,5 . $),
, ,
, 1942, , !
106,5 $ 2010 79 ( ,
).
,
, 1,78
$ ( 2010), 106,5 $ ,

, 104,72 $, ,
,
- ( ,
-
).
, 5% ( Fed 20%),
15 (10-20-40-80 .), , 105
, 565 - ,
5%.
4. 2000,
, 54 .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

. ,
.
,
,
- , . ,
,
.

, .
, ,
, .
, 150
. (G. Steingart - Handelsblatt).
, , ,
. , ,
.
,
, (, ),
, ,
1953 (video). :
() , 50%,
,
() , 4%
,
() , ,
() ,
.
, (
), ,
- (: ,
, )

,
, ,
- /
.
,
, ,
. , , ,
- , ,
, , .
, , ,
, ,
, ( ,
.).
, , ,
,
.
, ( ) ,
6 (
, ),
( ,
) .
,
( ),

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

(180 ),
, ,
, ,
( , ).
, ,
( ),
, , ,
,
, 300 ( ).
,
( ),
,
( ).
, , ,
, ,
,
,
, (
Merkel,

).
, ,
,
(),
( Fed), ,
.
* . . , ,
, .
www.casss.gr
video:
http://www.youtube.com/user/vviliardos#p/a/u/0/djh7g3zi1sA
http://www.bigroadstv.com/web-tv/40-reportage.html

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

"H" CDS .....

Credit Default Swaps


(CDS) ()
,
CDS.

.
CDS .
1990, 2003.
2007, 62,2 , 2008
38,6 .
CDS
(International Swaps and Derivatives Association,
ISDA), . ...............
,
.
()

- -
.
, CDS
. CDS
, .
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,

,
.
, . CDS 10 20 10 .

. , CDS ,
.
,
. CDS naked
CDS, . naked CDS
.

.

.
.
.
, CDS
CDS
.
CDS
. naked CDS
. , ,

. CDS ( ,
, .) , ,


, CDS
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

:
CDS;
(CDS Credit Default Swap)


( )
.
, CDS
. CDS
,
.
.
. ,

,
.
, . CDS
10-20 10 .

. , CDS
,
. ,
.

. CDS

. CDS
. , ,

.
1990,
2003. 2007,
62,2 , 2008 38,6
. CDS

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

(International Swaps and Derivatives Association, ISDA),


.
. CDS,
(index CDS), (basket CDS), CDS
(, , funded CDS)
CDS (, ,
, LCDS). ,

.


. 2007-2010,
,

. 2010, DTCC Trade
Information Warehouse
CDS.

eToro

(CDS)
.
, ,
. CDS
,
.
, CDS -, o
..
-, .., (,
),
-, .

..,
CDS . ,
CDS ..,
. ,
..,
,
..
( ..) ,
:

.. ,
,
AAA-
( ..

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

/ .)
.

(spread) CDS
,
. , CDS
.. 50 , 0,5% (1 = 0,01%),
10 -,
50.000 .
.. ,
.
CDS ,

,
. ,
.
CDS
.

eToro


,
, ,

. , CDS
, :
CDS
. ,
. ,
,
.


.
,
CDS
.

, CDS
CDS ( ) ,
.
CDS
, ,
.

(GAAP), FAS 133.
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, CDS

, CDS ,
.

. . CDS
, ,
,

CDS.

, CDS . ,
, CDS
.


, .

CDS
,
CDX iTraxx.

, ,
, ,
CDS, .
,
,
, .
CDS
. , CDS
.
, (hedge fund)
.. . ,
CDS - , 10 . ,
.. 500
(=5%) .

.. ,
500.000 - , 10 .
. ( AAA-
), . -
9,5 . .,
.
.. , CDS

1 . . -, 1
. ., .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

.
CDS
.
:

, ..
, 500 1500
. 10 .
- , . ,
2*5%* 10 . = 1 .
, 1*15% * 10 . . = 1,5 . ,
500.000 .
,
.., spread 250 . ,

-, , .
, 2*5%* 10
. . = 1 . ., 1 * 2,5% * 10 . . = 250.000 ,
750.000 .
.

.
..
,

CDS.
CDS
(, collateralized debt obligations). ,

CDS. Abacus 2007-AC1,
Goldman Sachs
, 2010. Abacus

(mortgage backed securities).
CDS. ,
.. CDS
CDS. 80%
.
CDS . ,
.

,
, .
CDS (
) , CDS
.
CDS. CDS ,
. CDS

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

.
.

. CDS
,
2010. , 2009,
CDS ,
.
,
CDS.
, CDS .
CDS
, CDS, ,
,
. CDS,
.
,
. , CDS

.


, ,
.
.
CDS . ,
,
.

. (. )
. ,
. ,

,
-. , , CDS ,
. ,

.

.
CDS.

, CDS ,
. ,
CDS
.
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, CDS
.
,
( 8%
).
.
.
, , ,
CDS . ,
..,
10 . . ,
..
, CDS 10 .
. CDS 200 (2%).
, 2%
10 . (200.000 .) $ 50.000
.

.. ,
5 ,
10 . ..
1 .
, ..
.
.. ,

10
(
- ).
600.000 ,
10 .

,
CDS

.
,
CDS
.

eToro



CDS.
CDS
. , ,
, CDS
, . ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, CDS ,
.

,
,
.
CDS
. ,

25%, CDS ,
. ,
CDS
.
,
.

CDS
(LBO). ,
,
,
.

CDS
.
, :

CDS
LIBOR (
) .

.

CDS
,
CDS . , CDS
2008,
Lehman Brothers AIG.
Lehman Brothers,
CDS
. , CDS
: CDS
, . ,
CDS
Lehman Brothers .
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


eToro


CDS
2008, Lehman Brothers AIG
CDS.
, .
CDS .
,
Washington Mutual to 2005
CDS Lehman Brothers.
Lehman, . ,
Washington Mutual ,
CDS.
Lehman AIG CDS
CDS .
,
CDS ,

2008.
CDS .
CDS ,
2%. ,
CDS , 5%,
3%.
,
. ,
.
,
. , ,
, ,
.
, CDS ,
, .
CDS
,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

12 . $ 100

: sofokleous10

- , info@ekta1.gr
, 23 2010

CDS

, ,
.
CDS


, (
)
.
, CDS
,
.
CDS ,
: CDS
,

.
, CDS ,
, ,
hedge funds /
,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, CDS,
, ,
. CDS , ,


,
short , ,
, , , .

CDS,
,
. , , ,
, ,
CDS.
,
,
. , ,
,
,
short, ,
.

CDS, ,
(
spreads ), .
CDS , ,
,
.
, (
,
CDS), ,

CDS.
CDS , ,
, . , CDS
1 , 100 .
CDS
2007, ,
,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


2,5 .
12204 , , ,
CDS 4,6 , 2007, 566
,
,
.
1
2007, 12,204 .
1
10%, 100 .
, ,
, ,
, ( ).
, , ,

, ,
,
CDS.

, CDS
,
,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

E 28/1/2010

373
.
3,89%


Financial Times 25 .
, .

- 28/01


(spread) 373 . ,
3,89%.
, ... . .
, ,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,
,
spread 400 ,
7%.
.

.
hedge funds,
, . spread
360 .
. .
.

, spreads
.
, , .
. ,
.
Financial Times.

.

.

Financial Times
25 . . ,

Goldman Sachs. .

,
.
.

ktsahakis@pegasus.gr

spread -
...
, spread -
.
, ,
?.
? ,

. 10
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


spread - . ,
, ,
.

. ,
10 .
,
,
.
? sexy
,
, 6,2%
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, 3 2010

CDS :
, !!!
CDS .
,
.
, .
.
,
collateral
.
,
, ,
Goldman Sachs
.
,
.
,
CDS. ,
, via euro/CDS, ,
!
Credit DerivativesThe Origins of the Problem
Former President Clinton concedes he got it wrong on derivatives

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010



584

, 4 2010
13:07

.
2001,
2006 2007.

. ,

.

, ,

.


,
, ,
.

.
CDS,

.
CDS
. CDS
5 10
spread ( )
CDS .
, , CDS

. CDS 1 , 3 5
, CDS
.


.

,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

. , , CDS

,
,
/ .

spread
. ,
,
.


GSTA/EKTA

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010



: 28/11/2009
( )
,
.
3% ,
spreads ,
hedge funds
..

220 spreads 10

, , . ,
,
,
2010 2009.

, . , " ".
,
. .
, 4,33% 39,5
. 49,3 . )
12,6%. , 25 .
14,3 . (+27,3%),
32,28 . .
, spreads ,
220 ,
202 , CDS 240 .
, ,
urogroup Ecofin, ,
,

.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, ,

,
,
.. ,

. ,

, ,
,

spread .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

'
( 1)
( www.analitis.com)
IV ,

,
, ,

.
.

, '' , ''
4
'', ,
( ) ,
'90 2000 ,
, ,
, , ,
, , ,


.
, 2010, '90 2000
, ' ',
110% - 114%, 12,7%,
8,8%, ( ) 7%,
10,6%, -1% -2% 3,9%.
'90 ( )
'90,
, , 110% , 6%,
-13,5%, , , 13%,
10%, 2,5% 7%.
, , ,
'90,
,
, 2
.
'00 ( )
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

2000, 105% ,
5%, 11%, 5,5%,
10%, 3,5% -4% 3,5% - 4%.
, , ,
'00, 150%
, 30% ,
, , 2010
, .
;
,
10 20 ,
, .
, '90, 85%
2000 30% ,
9,25%,
.
.
, ,
26 2010,
,
( ) -8.2% 2008
,
, , .
, , ,
,
,

, '' ''.
, ,
30 2010, : ' ()
,
2009
3,25% 0,2% ,
5,7% 2010,
.
,
.
, ( )


, 2011.
,


."
, 2,750%
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,

, ,
, , , ''

, , ,
,
,
, .

''
( 2)
( www.analitis.com)
1

. , , ,
,
1 2010 John Lipsky
: " ,
, ,
, G20
. , , , , .
, ( )
, .
,
, 75% 2007, 110% 2014,
.
2014 85%
G7 . , 2010,

1950, ' ."
110 - 114%
3,5
, ''
,
20 . ,
,
, , . ,


.
, , , ' ,

; 12,7% ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

6 ( , ,
) 10,41%, 9 9,61%,
7%, ,
, 1,4% , 1,5%
0,2% .
, , , ,
, '

2000 .
'

'' ,
,
.
, , ,
, , 1996
, ,
, ,
,
. ,
: ", 1996 ,
, (
) .

."
, , Goldman, '
,
Goldman,
, ,
. ,
.

, , ,

'',
;
1) / 2008
2008,
" "
: " ,
, ,

,
.


| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, .
, ,

. ,
.

.. 14%
2008 - 2010".
2000 , ,
2 , 2000-2003,

2006 , ,
, / ,
2008 1929
80 .
2)
3 ,
, 30 .
.
(
) : ) ,
, ) , (
)
, )
,

' ' ) ,
,

.
5346 1457
73% 1,5 . ,
,

,
.
, ,
2008,
,
,
,
.

,
. 2008 ''
2008
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

.
3)
, , , 2006,
2007. ,

. ,
,
.
4)

, , ,
.
5)


''.
,
, ,



, , ,
.
6)
,
,
'' ,
1 ,
.
7)
, ,
. ,
2
. ( )

. , ,

. ' '
, ,
.
8)

,
, .
,
.
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

:
(
),
, . ,
, ,
' .
hedge funds 200% - 400%
, ,
, .
9)
,

. ,

.
10)

1 , '90
10%
. , ,
. ,

.
, ,
,
.
11) '' .
, ,

. '' ,

. ,
,
.
, , ,
'' ' '
, , .
'' ,
,


,
, ,
, ' . , ,
,
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


, , ,
, , .
3
.
.. (3 )
( www.analitis.com)

, .
, ,
. , , ,
.
, 2009 :
1)
.
.
, ,
.


,
,
.
2) .
)
, ,
, ) , )
( )
.
3) 1,5% ,
2010, 2012.

, ()
.
4)
.
5) :
. : )
,
)

, )
, ) 1%
2014 3%

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

6) : ) )
.
7) : 5
.
8)
, .
9)
10) .

. : )
, ,

,
. )

,
2009, , ,
.
,
. ,
10 .

: .
.

,
, CDS. 2007

, 2008 .
CDS . ,
.
1)
27
, 'Tobin' 0,5% 0,5%
CDS.

. , ,
70% ,
7 ,

.
Joseph Stiglitz 5 2009
' .
2) , ,
CDS

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

CDS . ,
'Tobin' , ,

.
3) , CDS,

.
, 'Tobin'
CDS .
, 99%,
.
4)
5%, 3,26%.
, , ,
,
. , ,
, ,
.
.

.
.
5)
2 3 .
,
,
2-3 ( ).

( , 1 2),

,
3%,
80
5,7% !
, ,

,
. , , .
, ,
.
,
1% 10 , , ,
30%. , ,
, , .
,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, ,
.
, , ,

. ,
.
, , ,
.

.

, ,
. , ( )
, . ,
'',
.

.

(Alternative Investment Fund Managers - AIFM).
.



. , hedge funds,
,
Lehman Brothers. : .
.. hedge funds private equity.
,
, ' .
.

, ,
.
.
1868.
, '' .

.
Siemens Carrefour.

..
. , ,
, ,
. .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

' . 1
, .. .
, ,
.
,

(
).
,

.

,
, ,

.
, .


, ;

,
hedge funds
. .
hedge funds
.
hedge fund ,
.

. ' ,
hedge fund .
.
'' ,

. AIFM
.

. , ,
.

.
-
- .
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Deutsche
;
Friday, 07 May 2010 00:17

,
Deutsche Bank ,
: ,
, , ,
,
.

, ,
, .
, , , ,
,
.
, , D.B.
, ,
2007-2009 1 , :
! , D.B., 2
- , 3:
, 4: , 5:
, 6: , 7:
8 9 !
, , D.B., ,
, ,
,
. , , :
,
.
, .
, ,
,
, ,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, , Deutsche,
,
,
, 2010 ,
!
, ,
Deutsche (Bank of America Corp.,
JPMorgan Chase & Co., Goldman Sachs Group Inc.),
.
,
, 48%,
90%, , ,
;
, , ,
long ,
, ,
Deutsche, , , hedge funds
;
,
Deutsche
Bank. , , ,
, ,
, ,
. , ,
:
,
.

Deutsche Bank
, :
, ,
, Goldman
Sachs, ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

JP Morgan
;
Monday, 10 May 2010 08:22


, ,
JP Morgan
, .

, New York Post ,

JP Morgan Chase
.
,
,
. , JP Morgan,
.
, New York Post,
London Bullion Market
Association (LBMA), ,
(New York Mercantile Exchange - Nymex),
.
, JP Morgan
6,76 . . ( 220 . )
2009. , JP Morgan,
2008 Bear Sterns,
Lehman Brothers
,

.
, New York Post, JP
Morgan , ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

JP
Morgan, , .
JP Morgan Goldman Sachs,
.
,
, .
, JP Morgan ,
, ,
Wall
Street, Dow Jones 1.000
. , ,
.
,
, ,
: , ,
,
,
.
,
,
,
, , ,
, .
JP Morgan
, ,
,
.
,
,
,
, , .
, ,
,
, JP Morgan. ,
, , ,
,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

.: "
spreads"
!
05/12/2010 - 18:00

M
spreads
.. .


(!!!)
spread 1047 .

.
, .
spreads, .
" ", , "
spreads . ,
reports spread
.
, .
1.047 ,
10 !
.
spread ", ..
...
T defencenet.gr

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

CDS -
17/5/2010 - 11:03

(Dow Jones)
credit default
swaps 20 ,
Handelsblatt,
.

,
.
credit default swaps CDS,

,
,

.
Dow Jones Newswires

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

GR EN

? ?a??t?s ?

No. 8 | 1.06.2010
1 , 2010 | ,

No. 8, 1.06.2010.

8 01.06.2010
7 8

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

.

factorx 13/07/2010


: , .
,
()
10403/624/19.05.2010 ,
:
1.


, .
,
- (recycling)
,
,
01.11.2009 14.05.2010.

0,76 %
92% . :
10
. ,
10
07.04.2010 14.05.2010,
.
8 2010,
,
(repo auction) / A
.
+3.
08.04.2010 14.05.2010
10 ,
.
2.
05.10.2009, ,
, ,
(10) .
(30.12.2009, 01.02.2010, 04.02.2010
11.02.2010),
, :

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,

(3) (+3)
(OTC), (10) ,
+3
.
, ,

.. ().
3.

, ,
,
.


,
.


(EC, 2007).

10 (Committee on Payment and Settlement Systems (CPSS) of the central banks
of the Group of Ten countries)
(Technical Committee of the International Organization of Securities
Commissions/IOSCO) ,
()
(CESR).
2009 CESR
(Recommendations for Securities Settlement Systems
and Recommendations for Central Counterparties in European Union), 2009
IOSCO
(Regulation of Short Selling).
,
(5 /CERS).
. 2009
.
.

. (3 /CERS IOSCO
3,14 . 9).

(IOSCO, . 22).
. 10
.
.
,

. (3 IOSCO).
.
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

.


.
2009
10
,
.

,

,
.
4
,
,
. , .
19.05.2010 ,


, .
. , ,

.
. . , .
. :
1.
ECB IOSCO

2009
;
2.
2009

;

;
3.


3
(+3)
(Over the Counter (OTC), (recycling)
+3
;
4.

;
5.


;
:
1.

recycling 01.11.2009 07.04.2010.
2.
,
, .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

3.

, 2009 2010.
4.


52 . 4 .
5.
50
. ..
,
;
.
6.
.
,
;
; .
, 13.07.10
:














| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

:
;
factorx 20/04/2010

(20-4-2010)
.
( ;), , ,
, , , ,
, spreads
.
,
, ( short
selling, ) .
: ,
. , ,
.
, -, ,
,
.
spread 250 ( )
, , spread 350 (
), 100 (:
1% ). 1%
. ,
.
, ,
, .
.
, ,
, ,
. ,
.
.
2009,
3 ( +3).
( ) ( ,
, spread) , .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

22 2009,
(+10). ,
, !
10 2009, :

!
, !
( spreads),
, ,
! , win-win
, lose-lose !
, ,
-
. , : ,
!

, . , ,
.
!
. 158/10-2-2010 ,
, . .
10 .
.
8 2010,

. .
.

,
..
(
http://theamapati.wordpress.com/2010/04/20/respect/) :

5 2009,
!
:
,
, ;

, ;

,
;
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, ;


,
;
, , ,
, ;
, ,

,
;

,
;
:
;
: ,
,
Goldman Sachs, ;
, ,
. - (
)

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


, 3FVIP.com, info@ekta1.gr

50%,
, , , ,
,
, , S&P 500,

90....

Neuberger Berman
, 1,7
( )
.
Lehman
Brothers, Goldman
Sacks George Bush.
, ,
Rothschild,

.
, Nathaniel Rothschild,
2010 Les Echos (
)

. (
) , , :
( ).
,
. Nathaniel Rothschild
,

.

200

. 3 1923 Chicago Evening American

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

: Rothschilds
. .
New York Evening Post 22 1924 :
Rothschild
. Rothschild
. 8 1937, New York Times
: Rothschilds
. .
Rothschild, 2001
5
. 10
40 . Rothschild
, ,
, Barick Gold, Gold
Fields, De Beers, Rio Tinto
. Rothschilds spot

1919 2004
Barclays, .
Rothschild
. Rothschild
1821,
Rothschild
, ,
,
/ ,
,
.
, ,
, ,
.
,
( Neuberger Berman)

.
N.M. Rothschild & Sons
,
Cosmote, , , ,
, Eurobank
. , Neuberger Berman
2009,
Rothschild,
. , , . 13 2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Paul Volcker,
,
. Paul Volcker,
FED Alan Greenspan 1987,
J. Rothschild, Wolfensohn & Co,
Rothschild. 03 2010 George Soros,
Paulson, Cohen Einhorn

.
Soros, Madeleine
Albright Jacob Rothschild,
, .
Rothschild 200
, .
Rothschild
. Soros Rothschild
Soros
Rothschild
. ( Soros,
). Soros Quantum Fund.
Richard Katz
Rothschild Italia S.p.A.

N.M.
Rothschild
&
Sons

.
John Paulson,

. 50
Nathaniel Rothschild Rusal,
. Steven Cohen(.: )

. 27 .
Atticus Capital Rothschild,
Sothebys (
) 6,2% ,
Rothschild 5,4%. 700%
Rothschild Cohen.
, ,
Rothschild.
. ,

,

.
:

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

!!!
Posted by: Posted date: February 05, 2010 In: | comment : 0

,
.
.
,
.
. ,

.
,
,
,
- - .

,
. , , . ,

, , .
. , ,

.

.
, . , ,
: . .

. .
Siemens
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


.
.
, ,
; .

,
. ,
,
, - -
.

.
. , ,
, .

.
, , . ,
. ,
.
, . ,
,
,
, .

Siemens
Siemens.

. . ,
C4I,
Siemens .
. .
,
.
, ,

. .
.
.
, () ,
,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,
&
2003 , , ,
,
,
.
, ( )
, 30% (2002 2010),

50%, .

,
,
, , ,
2000 . ,
,
2003 1 ,
2009, ,
, ,
, ,
.
, , 2009, ,
,
, 30%
, CDS spreads
4 , 2
3 .
,
,
,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, CDS, 24,50%
28%, 8
,
, .
12% 3,5 ,
,
,
2007.
PMI ,
/

10 .
, , ,
,
. , 10
6,41%, ,
, 3,07%,
.
, Goldman Sacks,
,
Goldman
Budensbank,
, 2011.

, 1
, Christine
Lagarde, ,
. ,
,
,
.
, , ,
,

, .
, ,
, ,
,
.
, , info@ekta1.gr

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Corp: M

google, ,
2009 2010 Greece
400% 5 ,
, ,
, .
,
,
.
,
,
,
Goldman,

,
,
,
.
,
, ,
,
.
2009,
,
, , ,
.
2010
: ;

, google
30 ,
3000 .
,

,

,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


,
,
, ,
FED .
, ,
,
,
,

, 600 .
, google, ,
, ,
, 7
.

,
, , ,
20 .


,
1960.

,

18 .
, ,
,
,
.

,
, ,
Corp .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Fed


10.000
1.000 . ,
.
50%,
.
,
,
.
2.000 ,
1.000
, 10.000 .
,
, 2.000
1.000 10.000
.
, ,


1/1
, 25%
.

25%,
'
25%.

25%. , , 1/4
1.500 2.000 .
50%,
. ,
, ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

.
,
, .
,
, . ,

.
,
,
,

. ,

.
,
,
.
,
, , ..

,
. , ,
.
, ,
,
,
.
,
.
,
,
.
,
, ,
, ,
,
.
,
, ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, .
.
03 2010

800 . ,

,
,
, .
,

, .

,

,
.

, ,
,
.
,
, ,
..,

.


GSTA/EKTA
info@sta-gr.com

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


,
07:04, 08 2010 | tvxsteam tvxs.gr/node/35111
7 29 , ,
2,2% 6,37% 6% .
, ,

,
.
2010 13 , , ,
, Bloomberg,
40% , 32 ,
,
, , .
, CDS, '
25,89%,
8 , , ,
, , 9
10 .
, 7 10 , ,
,
. ,
,
, CDS
.
, Cambridge, 21
1989 2010 ( PLoS
Medicine) ,
,

.
, , ,

, CDS,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, ,
.
,
, ,
2,9% 0,9% , , 0,5%.
24,9%
, , 3,1%.
2001, , , ,
,
30% ,
.
2000
0,7%, 2,3% ,
, 2,9%.

,
,
20-30%
. ,
10 ,
,
,
12%.
40% ,
12% 5 ,
, .
, , 5% 10%,

.
,
,
,
, , 15-20%.
, 18
, , 18%,
4% 2010.
8%,
.
, ,

, , ,
, , , ,
.
,
.
, ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


. ,
.

, , 20% ,
15%, ,
, , 150%,
. , , , ,

, ,
,

,
.
, 5
1 ,



.
, ,
, ,
.
,
2010, ,
. ,
, ,
,
.



, ,
.
* O (GSTA
Ltd)

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

1981-2020:



.


(: pool - )...



...
. ,



.
,

.

,

.

,



80 ,
.

, .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, ,

2003,
, .
1920,
,
, .
1922
,
20 6,5%
, , , .
1929
.
, 1981,
, 2000
. , ,
80, ,
,
,
100% , 34,5%
1981,
80 19% ( 25% 1985),
.

80 ,
, ,
. , , 1991 12%

,
.
,
,

.

19,8%
4,07% 11,5%
3,64%.



. 1996

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010



90 .
90
20 , ,
,
. ,
100%
.
,
, ,

.
, 2000
2003

.
2003 2007 , ,
2007
.
,
, 2003,
.
1 2007
, :
*
,
. 3156/2003.
*


, ,
.
*

.
*

,

*

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


.
.
*

,
,

2008,


, Alpha, Marfin Eurobank,
, , . , , 2010
15 ,
3 .
,
,

, , .
5 ,
, , , , , ,
, , .
,
,

. ,
,
(
),

,
.



, ,
.


( ),


.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


,
.


,

, , .

.

:
) (80-90%) , , ,


.
) 90%

,
.
) 100%
100%
.
,
(
, , ),

..., :
)
, .
) ,
.
)
.
)
,
.
,
,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010



, , 2010
, CERP
( )
, , 2020.
,
,


, , , .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


15


,

,
, , ,
, 15 .


.

, .
, ,
,
. ,
,

, , ,
.

, 7 ,
2005 . , ,

,
15 .
2005 2006
2007 1 , 1,1 , 2008 2
2,2 2009 3 , 2,05 .
15%

(), .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, )
)
) ,
, , 6 7 .
,
.
, , ,
5
(CDS), , ,
, 1000 ,
, ,
, .
, 3FVIP.com
http://www.sofokleous10.gr/portal2/topr ... 062825078/

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, 6 2010


,
, , ,

!
7% ,
, 6%.
, CDS
800 .
,
,
, ,
. ...

, ,
.
, Evolution Securities,
:
.
, :

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

.
,
, , ,
. ,
,
,
, .
, ,
,
( 1%) .

,

. , ,
, ,
.
, ,

,
. ,
.
,
,
, . ,
,
, .
, :
,
,
. , ,
,

.
, , CDS:
,
. ,
, ,
CDS,
, .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

default
hedge funds
;
27/04/10 - 18:23

2009

100%. hedge funds
default
....


haircut , 100 70 .
www.bankingnews.gr
hedge funds .
hedge funds , default
CDS.
O . CDS
CDS
CDS hedge funds
CDS
.

hedge funds .
Dubai CDS.
hedge funds
.
CDS cash settlement
.
hedge funds
CDS ,
50 CDS
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

100
.. 50
100 .
cash settlement
.

10 .
hedge funds
.

10 17 18
.
.
.
desk
.

.
hedge funds
;
.

news@bankingnews.gr

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010



Date: 07:09 - 28 2010
Published in:
Social sharing
Tagged under: CDS -


, CDS, 10- 2-,
, ,
.
,
, ,
,
,
.
45 . 12
. 19 ,

Citi, Willem Buiter


,
,
.
45 .
2011, Evolution Securities.
, ,
Gary Jenkins, .
45 . ,
, Barclays Capital.
,
.
Nomura, .
Charles Diebel, ,
,
, . ,
, sell-off
.
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

ichael Leister, WestLB,


spreads, .
Greg Salvaggio, - Tempus Consulting,
traders ,
. spreads, .
spread 10- 700 10%,
3- 2-,
. spread 3- 1270
13,75%, spread 2- 1500
1475 , 15,6%.
..

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

:

2-4

. .


,
2 4 .

19/03

, Reuters
,
. .
, Dow Jones Newswires
,
2
4 .
, ,
.
25 , .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, .

.
3,35%,
10%.
: (spread) 10
319
293 .
.
180 , , Financial
Times.

,


.. .
, ,
,
.
,
,

..
.

,
, ,
.
.
, , ,
.

.
, ,
,
, .
-

.
.


,
,
A.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, ,
, , :
, ,
.., - ,
.
, E
. . A , ,
, , .
, ,
.
, ,
.



.

.
.
,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


, 3FVIP.com11-6-2010
, ,
,
.
,

,
.

, ,
,
,

, , ,
.

.

Moodys, Fitch S&P,
.
Thomas Friedman, 1996
: , .
Moodys.
Moodys

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

. , ,
.


.
.
,

, :
, .
, ,
, ,
,
, ,

. ,
, ,
.
,
,
, ,
,
,
.
, Moodys ,
. , Moodys
Hannover Re,
. Moodys

. Hannover Re
Moodys , Moodys
junk, , Hannover Re 175
.
2007 , Moodys
Wall Street Goldman Sachs
,
, ,
. Moodys, ,

.

.

Moodys Fitch S&P
,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

2008,
.
Moody s Mark Froeba,
1997,
,
2007, .
Lawrence McDonald, Lehman Brothers ,
:

junk ()
;
,
, ,
Goldman
,

1
.
, ,
,
. Paulson Soros,

.
9 2010, Moodys ,

, ,
. Moodys



.


.
.


.




. Goldman
, Siemens,

,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

200, , .

2009 .

,
, ,

.
, 3FVIP.com

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, 2 2010



S& , ,
,

.

, Standard & Poor's,


, ,
,
.

. ,
,
105,7 . .
Standard & Poor's, ,
-

(speculative grade investment grade )- .
..
, .

Standrard & Poor's (3050%)
.
.

,
.
S&,
, . S&
Marko Mrsnik ,

.

.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


,
,
. ,
.

Standard & Poor's


.
S&-500 .
, ,
, , ..
McGraw-Hill ,
. 6,36 . McGrawHill 2008 2,654 . Standard & Poor's.
, 1,464 . .
McGraw 72% ( 1,055 . .) S&.
McGraw-Hill .
Rowe Price ( 366 . ) 8,05%
: Barclays Global Investor 4,83%, Vanguard Group 3,74%, State
Street Corp 3,69%, Morgan Stanley 3,47% ..
. .

Standard & Poor's;,


, ,
-
, .
,
' , ,
18
.
Standard & Poor's, Moody's Fitch ,
.
, .
"
", .
Moody's
.
, ,
:

.

, .
... , ,
. ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, 1,4
. . 2002 2007
, 6 . .
-
(subprimes)- ,
.
.
,
2006,
, . , Goldman Sachs
, ,
.

-


Enron.
, .
,

. (,
, , ..), ,
..
.
, .
. ,
1 ...
. ,
, ,
.
,
.


,
Paul Krugman.
.
Standard & Poor's ,
,
..
Krugman New York Times,
.
2006 93% ,
(junk).

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010



.
. , .

. Fitch Standard and
Poor's
. Standard & Poor's
Aspis Bank 2003, Fitch

.

Fitch 5 2008.
+
. -
, ,
, :
*
.
*
.
(),
2008 ,
Fitch CCC
+,
,
. Fitch
, 2008, +
...
e-mail



, e-mail Moody's Standard & Poor's,
23 .
' :
1 S& e-mail
. , ,
,
...
2 Moody's e-mail Merrill Lynch
2007, .
' ,
, . , , Merrill,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

3 S&
. ... ,
franchise S&. , .
4 Standard & Poor's Morgan Stanley,
' .
; , , , , , ,
..., , Morgan
.
5 Moody's,
, must say yes
( )
. . McClatchy Newspapers
Moody's ,
.
6 , S& ,

. , '
.
7 Moody's -
10 2007- hedge
fund
' .
. .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Moodys
Goldman Sachs;



22-01-2011



Moodys,
. Bloomberg (29
2010), 9 12 Moodys
15 Goldman Sachs,
swaps

.
9 , 50% Moodys
18% Goldman, Berkshire Hathaway,
( : Capital Research Global Investors, Capital World Investors, State Str.
Corp., Fidelity, T. Rowe Price, Vanguard Group,) Blackrock Institutional Trust Bank of New
York Mellon). . (12,13%)
option 8,5% Goldman 2013,
5 . 2008
( 10%),
Lehman. .
, Goldman,
Moodys 27%.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010



(. , 20/6/2010).
, Moodys, Standard & Poors Fitch,

( 93%
junk), ,
,
.
e-mails
,

. ,
Wall Street, Goldman.
4 ,
junk, Moodys 2010 ()
. ,
, 110 . ,
750 .
,
spreads. Moodys

.
, .
, ( investment grade)
,
;
,
, . ,
.

. 14/1,
Fitch junk, Moodys
.

New York Times
Goldman, Wall Street,
, credit default swaps
( ), , .
, Goldman
.
.
Abacus (
hedge fund

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

. ),
Goldman 550 .
.

subprime
. Moodys,
subprimes ,
( Goldman),
.
.
.
9 12 Moodys 15
Goldman Sachs,

.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Goldman Sachs
.
- video
ELLADA SHMERA . , ,

, !

Goldman Sachs ;
. !
... (Our man in Greece) Goldman
Sachs . ,
, , G. S.
, ,
!
, -.

,
! Goldman Sachs ,
!

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

100 -,


Goldman Sachs,
E K ,
. ,

, (CDS)
! Hedge Fund Paul Paulson,
2008.
H Goldman Sachs, ,
,
!
. , !
, !
: .
. , !
!

!
, ,
, .
-, = .
( ,
...).
, 2008.
, 11.400 (
) .
, ,
.

!
. CIA The Company, (H ).
The Family ( ). Goldman Sachs The Firm ( ). Goldman Sachs,
. 1869,
, ,
, , .
A K. E ,
K!
, !
, ,
, .
!
1929. In God we Trust ,
In Goldman Sachs we Trust, ,
. ,
, .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,
,
. , A ,
, ,
,
.
!
( ),
. ,
.
2008.
,
.
CDS, () ,
. ,
. CDS (Credit
Default Swaps), , ,
. 75%
. Goldman Sachs, J. P. Morgan Deutche Bank.
, ,
,
, . ,
.
, 13 . (
, 57-58,
).
T , ,
E K, 1998,
!
. H , ,
Rolling Stone. H
, ,
. ,
.
:
Mario Draghi. (1991-2001),
Goldman Sachs (2001-2006), ,
.
Otmar Issing.
(1998-06), Goldman Sachs, Center for
Financial Studies . Financial Times
,
, .
, Goldman Sachs.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Lloyd Blankfein. Goldman Sachs.


2009 Forbes, Financial Times.
53 .
Henry Paulson. 30 , !
Lawrence Summers. , .
. ,
.
Dan Jester. . G,
Goldman Sachs!
.
To 1998 .
. -
,
( ).
.
. , ,
. , New York Times Wall Street Journal,
Goldman Sachs!
.
: ,

, 2001,
O
. H , ,
.
300 , , , 30%
Goldman Sachs!
!
.
Titlospe, 5,3 2009.
,
,
, , 1998
2009. ,

, .
, .
, . H
,
.
.

swaps . ,
, ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, ,
. , .
. ,
,
0,5% . , ,
200-300 !
!
,
, ,
.
, ,
- .
. .
, ,
, . ,
.
,

( ,

, ). ,
, ,
, !
, , 2009,
(
). 2009,
Markit, 12
CDS
, , (iTraxxSovX Western
Europe). ,
.
H Goldman . ,
. ,
,
, , 2 .
( ). M
. ,
. ,
.
. ,
,
. . H Goldman
, 25.1.2010.
,
Financial Times, (

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

). ,
, , spread
.
.
.
, .
( ) .

Cosco
. .
, . 26.1
2.2.2010 , ,
5,5 ,
2008, .
CDS, ,
.
, : ,
,
( ,
, , 20.2.2010).
: ,
,
.
.
,
, ,
,
.

,
. ,
, PNB Paribas,
CDS, , ,
.
.
, , , Goldman Sachs,
.
:
,
.

(
).

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


.
, (
). , ,
, .. ( )
,
, ,
.
: ,
. , ,
.

. .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

:
GOLDMAN SACHS

23/04/2010 in
:


.

.
100 -,

; ;
,
,
.
,
. , CDS ,
,
2008. H
, !
,
. , ,
.
. ,
.
, ,
, .
-, =
.
( , ...).
,
2008. , 11.400
( )
. , ,
.
, ,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Goldman CDS cost jump on SEC fraud


charges
Published: 18 Apr 2010 17:27:16 PST

NEW YORK, April 16 - The cost to insure Goldman Sachs <GS.N> debt in the credit default
swap market jumped on Friday after the Securities and Exchange Commission said it has
charged the bank with fraud in relation to risky subprime mortgage debt the bank sold.
Goldman's credit default swaps jumped 20 basis points to 110 basis points, or $110,000 per year
to insure $10 million in debt for five years, according to data by CMA DataVision.
The yield spread over Treasuries of Goldman Sachs' 4.750 percent notes due in 2013 also
widened by about 5 basis points to 101 basis points, versus 96 basis points Thursday afternoon,
according to MarketAxess.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Investor Who Made Billions Is Not Target of


Suit
By GRETCHEN MORGENSON and LOUISE STORY
Published: April 16, 2010

Three and half years ago, a New York hedge fund manager with a bearish view on the housing
market was pounding the pavement on Wall Street.

Rick Maiman/Bloomberg News


The investor John Paulson became a Wall Street celebrity.

Eager to increase his bets against subprime mortgages, the investor, John A. Paulson, canvassed
firm after firm, looking for new ways to profit from home loans that he was sure would go sour.
Only a few investment banks agreed to help him. One was Deutsche Bank. The other was the
mighty Goldman Sachs.
Mr. Paulson struck gold. His prescience made him billions and transformed him from a relative
nobody into something of a celebrity on Wall Street and in Washington.
But now his brassy bets have thrust Mr. Paulson into an uncomfortable spotlight. On Friday, the
Securities and Exchange Commission filed a civil fraud lawsuit against Goldman for neglecting
to tell its customers that mortgage investments they were buying consisted of pools of dubious
loans that Mr. Paulson had selected because they were highly likely to fail.
By betting against the pool of questionable mortgage bonds, Mr. Paulson made $1 billion when
they collapsed just a few months later, the S.E.C. said. Investors, who bought what regulators are
essentially calling a pig in a poke, lost the same amount.
Mr. Paulson, 54, was not named as a defendant in the S.E.C. suit, but his role in devising the
instrument that caused $1 billion in losses for Goldmans customers is detailed in the complaint.
Robert Khuzami, the director of enforcement at the S.E.C., explained that, unlike Goldman, the
manager of the hedge fund, Paulson & Company, had not made misrepresentations to investors
buying the security, known as a collateralized debt obligation.
While its unfortunate that people lost money investing in mortgage-backed securities, Paulson
has never been involved in the origination, distribution or structuring of such securities, said

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Stefan Prelog, a spokesman for Mr. Paulson, in a statement. We have always been forthright in
expressing our opinion as to the quality of the underlying mortgages. Paulson has never
misrepresented our positions to any counterparties.
Theres no question we made money in these transactions. However, all our dealings were
through arms-length transactions with experienced counterparties who had opposing views
based on all available information at the time. We were straightforward in our dislike of these
securities, but the vast majority of people in the market thought we were dead wrong and openly
and aggressively purchased the securities we were selling.
Still, the details unearthed by the S.E.C. in its investigation show a deep involvement by Mr.
Paulson in the creation of the investment, known as Abacus 2007-AC1. For example, he
approached Goldman about constructing and marketing the debt security.
After analyzing risky mortgages made on homes in Arizona, California, Florida and Nevada,
where the housing markets had overheated, Mr. Paulson went to Goldman to talk about how he
could bet against those loans. He focused his analysis on adjustable-rate loans taken out by
borrowers with relatively low credit scores and turned up more than 100 loan pools that he
considered vulnerable, the S.E.C. said.
Mr. Paulson then asked Goldman to put together a portfolio of these pools, or others like them
that he could wager against. He paid $15 million to Goldman for creating and marketing the
Abacus deal, the complaint says.
One of a small cohort of money managers who saw the mortgage market in late 2006 as a bubble
waiting to burst, Mr. Paulson capitalized on the opacity of mortgage-related securities that Wall
Street cobbled together and sold to its clients. These instruments contained thousands of
mortgage loans that few investors bothered to analyze.
Instead, the buyers relied on the opinions of credit ratings agencies like Moodys, Standard &
Poors and Fitch Ratings. These turned out to be overly rosy, and investors suffered hundreds of
billions in losses when the loans underlying these securities went bad.
Mr. Paulson personally made an estimated $3.7 billion in 2007 as a result of his hedge funds
performance, and another $2 billion in 2008.
He was also treated like a celebrity by members of a Congressional committee that invited him to
testify in November 2008 about the credit crisis. At the time, none of the lawmakers asked how
he had managed to set up his lucrative trades; they seemed more interested in getting his advice
on how to solve the credit crisis.
A Queens-born graduate of New York University and the Harvard Business School, Mr. Paulson
went to Wall Street in the early 1980s just as the biggest bull market in history was starting. He
joined Bear Stearns in 1984 as a junior executive in the investment banking unit.
Ten years later, he started his hedge fund with $2 million of his own capital. During the
technology-stock bubble of the late 1990s, Mr. Paulson took a negative stance on high-flying
shares and profited handsomely for himself and his clients.
By the end of 2008, Mr. Paulsons assets under management had risen to $36.1 billion. In an
early 2009 interview with The New York Times, Mr. Paulson talked about his success. We are
very proud of our performance last year, he said. We provided an oasis of profitable returns for
our investors in a year where there were few sources of gains.
His investors, which included pension funds, endowments, wealthy families and individuals,
were huge beneficiaries of his strategy, Mr. Paulson added. They made four times as much as
we did, he said.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Mr. Paulson and his investment program was the subject of the 2009 book by Gregory
Zuckerman The Greatest Trade Ever. Mr. Zuckerman wrote that Mr. Paulson did not think
there was anything wrong with working with various banks to create troubled investments that he
could then bet against.
Paulson told his own clients what he was up to and they supported him, considering it an
ingenious way to grow the trade by finding more debt to short, Mr. Zuckerman wrote. After
all, those who would buy the pieces of any C.D.O. likely would be hedge funds, banks, pension
plans or other sophisticated investors, not mom-and-pop investors.
Late last year, Mr. Paulson donated $20 million to the Stern School of Business at New York
University and $5 million to Southampton Hospital in Long Islands East End, where he bought
a $41 million home in early 2008. He lives with his wife and two daughters on the Upper East
Side of Manhattan.
Amid criticism of investment strategies that profited from mortgage defaults, home foreclosures
and other miseries, Mr. Paulson has also given $15 million to the Center for Responsible
Lending for a center devoted to providing foreclosure assistance to troubled borrowers.
At the time of the donation, Mr. Paulson said of the center and its work, We are pleased to help
them provide legal services to distressed homeowners, many of whom have been victimized by
predatory lenders.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

OIKONOMIA
, 19 2010 - 10:37



,

short
repos.
Capital.gr,
(EPDA) .

,
( ), (
), ( ), ( )
( ).

, primary dealers

, ,
,
.

short
,
( ..

),
.
,
repos, short
10% - 15%.
Capital.gr, primary dealers
repos

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


euribor 2%! , , ,
...
, (clearing house),
( ) ,

.
Capital.gr
,
.
(EPDA)
20
.

:www.capital.gr

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, 26 2010 - 02:51

"" Goldman
,
Margot Patrick
(Dow Jones) Goldman Sachs Group Inc.

.
, ,
1 . .
Dealogic
97 . 2005, .
. , Goldman Sachs
12,78 . , .

, 841
. , 84% , Royal Bank of Scotland, Gordon
Brown .
. ,
Brown 6 ,

.
Goldman Sachs
,
, Nick Clegg.
,
Goldman Sachs,
SEC. Goldman Sachs
SEC
FSA .
, Bafin

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

SEC ,
. Jeanette Schwamberger
,
,
Goldman Sachs.
IKB Deutsche Industriebank AG SEC
Goldman.
marketing Goldman 2007, IKB
ABN Amro, RBS.
Goldman Sachs
,
Northern Rock 2008. 4,5 .
, .
Dealogic
9 . , ,
Barclays PLC RBS, ,
.
, Goldman ,
, Deutsche Bank Morgan Stanley.
BNP Paribas SEC
Goldman,
swaps .
, Goldman
,
. Goldman
Sachs ,
.., .
Dow Jones Newswires

:www.capital.gr

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


6 !
15/4/2010 22:45 theshaman

.

.
5/10/09 22/10/09 ( A.
. 690 691) .
.. ,
3 10.


10 ( 3
).
(
) 10 ,
.
, (
10/12/09 )
,
10 .

!!!
,
( , ),
10 .
, !
, . !
,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, (
) , , ,
!!!
,
,
100 basis points 450!
,
,
!
, . ;
. ,
. , ! ;

158 10/2/2010
.. ( ,
;), .. !!! ;
(8/4/2010) short selling
( 1); ;
.;
;

??????

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

To Goldman
!
, 27 2010


, . ,
.
, Goldman Sachs,
.
, ...
, Goldman Sachs,
Financial Times,
,
long CDS, short equity.


Goldman :
CDS hedge funds
.
, CDS
,
.
, CDS 485,7 638,9
, (
Goldman).
CDS: !
; , , CDS
,
(credit event).

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, .
Goldman ,
.
, :
Goldman , ,
,
Financial Times,

, (:
, CDS
).
Goldman,
,
, 2011-2014.
. ,
,
,
.

, .
, .
, ,
.
ellinas 9:50 ..

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

2010

&
: Goldman Sachs, Fitch,
Moodys, S&P,
sofokleous10.gr | , , ,

.

, 1821 .


, ,
.

. , , ,
, ,
.
Goldman Sachs Loyd Blankfein -
Goldman Sachs,

, . Goldman, Loyn
Blankfein, FED Ben Bernanke,
Harvard
Bilderberg. 2010
.
2000 Goldman,
(), 2001
()
.
,

.
3% ,
, , (
60%
100% ).
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Goldman
2004 , , .
2005 Goldman
2008
,
(). Goldman
()
,
.

2009 Goldman
, ,
2009 2010,
. Goldman
( ).
Fitch,
- ,
. ,
,
CDS,
.
Goldman
,

( Financial Times Der Spiegel
).
.
CDS.
Goldman .
/
, ,
ALPHA, Eurobank
, CDS ,

.
12 Fitch
BBB+
, Fitch
.
, S&P Moodys,

.
, 2010, BBB- Fitch,
, ,

.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Neuberger Berman Goldman - XA CDS


2009 Neuberger
Berman, ( Rothschild), 1,7 31
.
2009 1 2010, Goldman,

CDS (
).
CDS 75%
, 2009 2010, 6
Goldman Sacks.
2 Goldman
Black Rock
Goldman Black Rock, Blackstone,
14 2008 Lord Nathaniel Charles Jacob
Rothschild Randall
Rothschild. 3,5
9 ,
, ( ) .
Black Rock 2
, , EFG Eurobank Ergasias .
, , Moodys S&P.
,
Richard H. Jenrette,
Blackstone ( Black Rock) The McGraw-Hill
Companies, Standard & Poor's.
, Black Rock :
-
- Goldman Sachs
- Moodys S&P
Norges Bank Investment
,
41
, Alpha, EFG Eurobank Ergasias,
. La Compagnie
Benjamin De Rothschild S.A. Norges
, , , .
, ,
.
Norges Bank Investment :
-
- Goldman
- Fitch.
Fidelity

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

H Fidelity ( )
Moodys. Bill Rothschild senior vice president Fidelity.
&
1 2
Goldman 3 ,
Rothschild. ,
Moodys, Fidelity, Rothschild.
Goldman, Black Rock, Norges Rothschild

, ,
CDS . , ,
.
, Goldman ,
Goldman
,
,
. , ,
/ ,
.
Goldman

, , ,
,
, ,

,
Goldman

.
,

. , 2010

,
.
Goldman Paulson ( 4
, )
,

.
- - 3FVIP.com
http://www.sofokleous10.gr/

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

""
Crash
CDS, .
. ,
- - ,
swaps . 12.000.
CDS
,

. Crash
CDS, ,
( CDS)
CD, swaps (ellenic
Securitization SA, Titlos Plc)
. .
funds.
, .
Crash
. , CDS
, , . ,
, L , , UR
.
' ,
CDS,
. .
SD (
credit event CDS),

. , Crash
, ,
.
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,
.


, CDS-.


(International Swaps and Derivatives Association ISDA)
,
! .
.
, ,
.
.
. ..
, .
CDS
, JP Morgan, Deutsche Bank, Goldman
Sachs, HSBC, Morgan Stanley,
CDS, 12.000 .
CDS,

. CDS
(-CDS) .
(),

( ) .

, CDS funds.

!
CDS : JP Morgan, Bank of America, Barclays, BNP Paribas, Citigroup,
Commerzbank, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, Royal Bank of
Scotland, UBS, Credit Agricole, Societe Generale.

/11/509/04-2011. ,
. CDS

, CDS . ,
CDS 2008,
, Lehman Brothers AIG.

- , -
;
- funds
;
- CDS corporate sovereign,
;
-
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

funds ;
- . ,
Goldman Sachs;
- CDS;
- (leverage) CDS; (
5 , 1 . 5 . )
- CDS
;
- ;
- ; CDS ;
CDS;
H
. , ,
,

,

,
3649/2008,
, .
CDS;
,
, , . O
selective default,
. O
, ..,
CDS
. , ,
10 , , (
. ),
.
,
CDS.
,
50% . ,
.
.
,
(International Swaps and Derivatives Association).

,


, .

,

.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


,
(CNI) , .
,
Brevan Howard,
hedge fund .
, Brevan Howard
,
spreads 300 .

,
.
Fidelity International,
hedge
funds.
220 .
, dealing rooms funds Fidelity
4.5% .

Moore Capital, hedge
funds. ,

. .
,
3.5 . ,
spread.

, Goldman Sachs, Deutsche
Bank J.P. Morgan Chase. Columbia
Business School, Andrew Ang :
.
, ,
. , .
ISDA
hedge funds
. . :
CDS ISDA
. , ,
30 .
1,4..

700 . - 1 . ,
,
ISDA .
,
CDS, CDS , Hellenic Securitisation SA
Titlos Plc, ,

CDO, CDS,
. ,
,
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

CDS
. : () , ()
,
. ISDA , ,
, , ,
.
.

, . ,
CDS. .
: 3,000 CDS ,
!

2011, . :
;
Eurobank 40
. 1000 Alpha
Finance.
; ; Eurobank
49
;
;
. ;
,

: 3,000 CDS
!
!!

,
.

2011.
, !
; ; .
EFG

. ,
.
: .
.

.
. .

. ,
, . :
, ,
,

,
, (, ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

)
, ,
(vouchers, ),
3.000
(CDS),
,
.. ..
.
20.000 (
).

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

07/02/2011


,

CDS
.
,
,


, , , .
2011


, , ,

1996.
,
12 ,
CDS 4 10 ,
-

spread.
CDS.

.
,
, .
,
,
.

(
XrimaNews.gr),
, ,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


,
07:04, 07 2010 | tvxsteam tvxs.gr/node/35055

,

, ,
,
.

, ,

,
,
, , ,
,
.

, ,
,
, , , .

, ,
, , ,
.
, ,
,
, , .


, ,
,
,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,
,
.
,
, , , ,
, .


, , ,
,

.

.

.

,
, ,
.
-
: http://www.sofokleous10.gr/

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


BILDERBERG
, 3FVIP.com,info@ekta1.gr

50%, , ,
, , ,
......
, , S&P 500,
90.
Neuberger Berman
, 1,7 (
) .

Lehman Brothers, Goldman Sacks
George Bush. ,
, Rothschild,
. , Nathaniel
Rothschild, 2010 Les Echos (
)

. ( ) ,
, : ( ).
,
. Nathaniel Rothschild
,
.

200

. 3 1923 Chicago Evening American :
Rothschilds .
. New York Evening Post 22 1924
: Rothschild
. Rothschild
. 8 1937, New York Times :
Rothschilds .
,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Rothschild, 2001 5
. 10
40 . Rothschild
, , ,
Barick Gold, Gold Fields, De Beers, Rio Tinto
. Rothschilds spot

1919 2004 Barclays,
. Rothschild
. Rothschild
1821, Rothschild
,
, ,
/ ,
, .
,
, , ,
.
, (
Neuberger Berman)
. N.M. Rothschild & Sons

, Cosmote, , , ,
, Eurobank . ,
Neuberger Berman
2009, Rothschild,
. , , . 13 2010
Paul Volcker,

, . Paul Volcker,
FED Alan Greenspan 1987,
J. Rothschild, Wolfensohn & Co, Rothschild. 03 2010 George
Soros, Paulson, Cohen Einhorn
. Soros,
Madeleine Albright Jacob Rothschild,
, . Rothschild
200 ,
. Rothschild
. Soros Rothschild
Soros
Rothschild . ( Soros,
). Soros
Quantum Fund. Richard Katz
Rothschild Italia S.p.A.
N.M. Rothschild & Sons .
John Paulson,
. 50

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Nathaniel Rothschild Rusal,


. Steven Cohen
. 27
. Atticus Capital Rothschild,
Sothebys (
) 6,2% , Rothschild 5,4%.
700% Rothschild Cohen.
, ,
Rothschild.
. ,
,
.
www.olympia.gr-

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


;
, 29 2010 06:02


109 1980
1986, 326 430
. , 322 ,
658
, 1986
882 ,
.

Libor ,
.



1,4 1990 2,5 2000,

.
142,7%
2010 111% 2010, 2013
150% ( euribor

)
.


,
, ,
. , ,
. ,
80%
,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, , ,
.


: )
, )
, )
)


.

,


17% 46%
, 60%
. ,

50% ( ,
, , )
,
.


2014-2015.
: .
,

.


GSTA/EKTA

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


.
6 2010
Icesave 2008,

,
, , , :
;


, ,
, ,
.
..,

Icesave,
5 ,
.
1,5 ,
,
.
,
/
,
.
, 1998,
1997,
,
.

2003.
, ,

, /
, ,
, . , ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


.
/

,

,
.
, Harvard
, ,
,
.
&
,
319 ( ,
).
, 294 8,6
.
240
, 55 , 47
30 , 40
( Morgan Stanley).
,
, hedge funds
( ) .


, , , ,
.


,
, 1982,
,

.
, ,
, .

, , , .
(CDS)

85
, ,
,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, ,
, , .

. 2%
, .
.
1 2000, ,
, 98%,
, .
,
,
.


.
,
,
, ,
,
de facto , , ,
.
,
,
.
,
90% . 25 ,
, ,
, .

, , ,
.



.

,
,
51%, 66% 75%.

, 90% ,
,
, 2004
75% 66% .
90% , .
/
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,
,
.
90%
.
,

.
,


( ),
, 25 .
90%
, 25 ,
, ,
, (SDR), , ,
,
.


:
( 30 )
( )


( 80 )

, ,
. ,
,
, .
,
, ,
,
.
..

,

. , ,
,
25 .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

90% (
) .





.
, ,

. , ,
.
, , ,
,
,
,
.
, , , ,
, , ,
, , 2
,
.
,
, ,
, , FED (
) ( )
:
) ( )
)

.
,

.

,

.
,
,
, ,
.

&

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, ,
.
90%
, ,


, ,

, , , ,
.

.
,
,
,

( ).
Harvard

Harvard , , ,
, ,
, .
,
, .
75%
, ,

, , ,

.

. ,
, ,
, , .
, ,

.


)
)
.
,
100%,
,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, , 319 ,
296 .
,
110 , , , .
, ,
, 319 . , ,
,
, ,
.
, ,
, , 25 . ,
,
.
, ,
, .

2-3 , ,
,
,
.

,
,
.
, ,
,
,
.

, , ,
.
, ,

. , , ,
,

.
, ,
, ,


, .
, , ,
, ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,
.
,
CDS,
,
,
.

CDS . ,
, ,
,
,
, .
,
,

,
,
.
Analitis

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

..

, 6 2010

: ) (
) )
(
, , ), )
.
, ,
,

, .

,
(
, ,
,
, , ,
).
& ,
.
90
( ),
,
. ,
500 . ,
,
. ,
,
.
, 100 1 5%
, 105
(5 )
, , ,
. , ,
,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

99 ,
6%.

, 90
15%.
, , ,
5% . , ,
, , , 15%,
,
( ).

, :

, ,

. (
, ).

/
.
,
/,
(
, , ,
).
,
.
, ,


.
.


.
, , 2008
,

2010 2009, BlackRock,
2,5% 4,5%.

, 2 3 2,5%
10 20.
,
, , ,
2008,
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

.
, BlackRock

,
.
,

,

.


,
.
.
- , info@ekta1.gr

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

... ;


E 11/2/2010


,
,


.
, .
; ,
. , .
.
, -
, , .
, 2001 - 2010 ( 2010
) !
6,6% 2010 6,2% 2009, 2,5% 2002 3% 2003.
: 10% 2010 12,5% 2009 5,9%
2008. 3,7% 2002 4,8% 2003.
: 8% 2002 8%
2003, 5,8% 2008 10,5% 2009 10,2% 2010! ,
!
, ,
. ! 135,4% (!)
2000 .
197,2% (!), 112,6% 2009
125% 2010.
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,
.
(
, , ),
.
,
179% . , . ,
... 175%! .
.
(!) 234%, 222%, 219%,
207%, 197%, 194% .

( ,
,
).
(, , )
, ... -
,
.
, , ... 414%
130% .
89,5% 80%
.
, ,
.


,
( ) !

!
(!)
. ( ,
), ( ),
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, 15 2010

Goldman Sachs,
Basis Capital

Goldman Sachs
(hedge funds) Basis Capital -
- $1,2
.
, ,
Goldman Sachs,
, .
, Basis Capital Goldman Sachs ,
, ....
,
.
Goldman Sachs,
, .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

SEC Goldman Sachs -



16/04/2010 18:58 EuroCapital


,
Michigan (
69,4, 74,7),

Goldman
Sachs.
, (Securities and
Exchange Commission) Goldman Sachs



.
,
. ,
, ""
2,5
,
19 .
, ,
""
,
- - .
9 2009, Dow Jones
73% 14 ,

.
,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

2008 - 2009
, ,
,
.

, ,

, "" .
46 ,
,
.
,
, ,

.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

SEC Charges Goldman Sachs With


Fraud in Structuring and
Marketing of CDO Tied to
Subprime Mortgages
FOR IMMEDIATE RELEASE
2010-59
Washington, D.C., April 16, 2010 The Securities and Exchange Commission today
charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by
misstating and omitting key facts about a financial product tied to subprime mortgages as
the U.S. housing market was beginning to falter.

Additional Materials

Litigation Release No. 21489


SEC Complaint

The SEC alleges that Goldman Sachs structured and marketed a synthetic collateralized
debt obligation (CDO) that hinged on the performance of subprime residential mortgagebacked securities (RMBS). Goldman Sachs failed to disclose to investors vital information
about the CDO, in particular the role that a major hedge fund played in the portfolio
selection process and the fact that the hedge fund had taken a short position against the
CDO.
"The product was new and complex but the deception and conflicts are old and simple," said
Robert Khuzami, Director of the Division of Enforcement. "Goldman wrongly permitted a
client that was betting against the mortgage market to heavily influence which mortgage
securities to include in an investment portfolio, while telling other investors that the
securities were selected by an independent, objective third party."
Kenneth Lench, Chief of the SEC's Structured and New Products Unit, added, "The SEC
continues to investigate the practices of investment banks and others involved in the
securitization of complex financial products tied to the U.S. housing market as it was
beginning to show signs of distress."
The SEC alleges that one of the world's largest hedge funds, Paulson & Co., paid Goldman
Sachs to structure a transaction in which Paulson & Co. could take short positions against
mortgage securities chosen by Paulson & Co. based on a belief that the securities would
experience credit events.
According to the SEC's complaint, filed in U.S. District Court for the Southern District of New
York, the marketing materials for the CDO known as ABACUS 2007-AC1 (ABACUS) all
represented that the RMBS portfolio underlying the CDO was selected by ACA Management
LLC (ACA), a third party with expertise in analyzing credit risk in RMBS. The SEC alleges
that undisclosed in the marketing materials and unbeknownst to investors, the Paulson &
Co. hedge fund, which was poised to benefit if the RMBS defaulted, played a significant role
in selecting which RMBS should make up the portfolio.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

The SEC's complaint alleges that after participating in the portfolio selection, Paulson & Co.
effectively shorted the RMBS portfolio it helped select by entering into credit default swaps
(CDS) with Goldman Sachs to buy protection on specific layers of the ABACUS capital
structure. Given that financial short interest, Paulson & Co. had an economic incentive to
select RMBS that it expected to experience credit events in the near future. Goldman Sachs
did not disclose Paulson & Co.'s short position or its role in the collateral selection process in
the term sheet, flip book, offering memorandum, or other marketing materials provided to
investors.
The SEC alleges that Goldman Sachs Vice President Fabrice Tourre was principally
responsible for ABACUS 2007-AC1. Tourre structured the transaction, prepared the
marketing materials, and communicated directly with investors. Tourre allegedly knew of
Paulson & Co.'s undisclosed short interest and role in the collateral selection process. In
addition, he misled ACA into believing that Paulson & Co. invested approximately $200
million in the equity of ABACUS, indicating that Paulson & Co.'s interests in the collateral
selection process were closely aligned with ACA's interests. In reality, however, their
interests were sharply conflicting.
According to the SEC's complaint, the deal closed on April 26, 2007, and Paulson & Co. paid
Goldman Sachs approximately $15 million for structuring and marketing ABACUS. By Oct.
24, 2007, 83 percent of the RMBS in the ABACUS portfolio had been downgraded and 17
percent were on negative watch. By Jan. 29, 2008, 99 percent of the portfolio had been
downgraded.
Investors in the liabilities of ABACUS are alleged to have lost more than $1 billion.
The SEC's complaint charges Goldman Sachs and Tourre with violations of Section 17(a) of
the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and
Exchange Act Rule 10b-5. The Commission seeks injunctive relief, disgorgement of profits,
prejudgment interest, and financial penalties.
###
For more information about this enforcement action, contact:
Lorin L. Reisner
Deputy Director, SEC Enforcement Division
(202) 551-4787
Kenneth R. Lench
Chief, Structured and New Products Unit, SEC Enforcement Division
(202) 551-4938
Reid A. Muoio
Deputy Chief, Structured and New Products Unit, SEC Enforcement Division
(202) 551-4488
http://www.sec.gov/news/press/2010/2010-59.htm

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


Goldman Sachs

: 10/03/2010 06:52
Goldman Sachs ,
. ,
Goldman Sachs
... 47%
2009.

,
.
,
Goldman Sachs.
Goldman Sachs
(
...), 16,2 . ,
36% .

. , Goldman Sachs

.
Reuters
. Goldman Sachs
,
,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Goldman
Sachs
: 16 2010

, , Goldman
Sachs, 2008,
, .
,

( 2008) ,
,
, .


, ()
- , .
,
, .

.
Goldman Sachs, ,
(...)
( ) - ,
, "Goldman Sachs".

,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Goldman Sachs

Date: 10:30 - 27 2010
Published in:


2008 Goldman
Sachs, .
-
, ,
,
-.
, ,
Goldman Sachs "" "
", .

2007
,

.

,
, 1,2
.
" - ,
",
.

,

.
, -
24

Goldman Sachs.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

ECONOMY & BUSINESS


GLOBAL NEWS THAT INFLUENCE THE MARKETS, THE ECONOMY & THE
BUSINESSES: Opinions, technical analysis, information, prospects, risk and profit!

:
BoA,JPM,Goldman,DB

: BoA,JPM,Goldman,DB


,
,
New York Times,
.
,
, ,
- - Bank of America, JPMorgan Chase, Goldman Sachs Deutsche
Bank. ,
.


"" .

, ,
.
UBS,
900 . , ,
. , Fannie Mae
Freddie Mac, 30 .
, 2008 .
.
, .
source: reporter.gr

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

172010 22:50


Goldman Sachs

Goldman Sachs,
.
,
,
,
.
, . ,
... !
Goldman Sachs ,
, ,
: , ,
, ,
. .
1 .
,
Royal Bank of Scotland ;h ABN Amro - ,
IKB.
,
, .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Goldman
Sachs

18 2010 - 10:28
Goldman Sachs swap 2001
. Bloomberg,

swap
,
, .
swap 2001
,
. ,
, (swap)
Goldman Sachs 2001 Eurostat.
, , CNBC.com
2001
.
, swaps,
, . , Goldman Sachs
JP Morgan Morgan Stanley.

,
.

.
ew ork imes Der Spiegel
Goldman Sachs
, , Goldman Sach
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


Goldman Sachs.

.

Bloomberg:
Eurogroup 12 31,5 .

Bloomberg:
,
Bloomberg: 1930
,
4% 2013

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


Goldman Sachs

26/04/2010 | 09:23 : 09:28 26/04/2010

1 1

H Goldman Sachs

, .

.
,
,
.
(Deutsche Industriebank AG)
Goldman.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, 23 2010 - 19:05


Goldman Sachs
Goldman Sachs,
, ,

.
"
Goldman Sachs", ,
, .
" Goldman Sachs
",
.
" Goldman Sachs, ,
,
, ,
", .
(SEC) Goldman Sachs
, , .
, (FSA)
Goldman Sachs, SEC " ".
: www.athina984.gr

:www.capital.gr

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

:
Goldman Sachs
Friday, 10 September 2010 02:48

"" ,
(FSA), Goldman Sachs
17,5 (21,2 )

.
FSA (Financial Services Authority)
(SEC)
.
SEC Goldman Sachs

, "subprime", 2007,
.

Goldman Sachs, .
Golodman Sachs SEC 550 .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010



:ANT1 :16/5/2010 11:01 :
17/5/2010 12:55

, CNN,
.
,
, .
.
, .
,
, .
,
.
. . ,
,
, ,
, .

. ,
, , 40%.
, , 10% ,
, . : ,
, .
.
, , , ' ,
,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

. CNN



NAFTEMPORIKI.GR , 16 2010 12:45
: 17/05/2010 01:49



CNN.
.
, o
,
, .
, .
. . ,
, .
,
, ,
.
.
. , ,
.
.
, ,
, ,
.
- : T
,
,
, , .
,
, .
, , ,
.
, : .
. , . ,
. .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, : .
, , .
, ,
, ,
, ,
. .
, , .
,
, .
, , ,
,
, .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


CDS
NAFTEMPORIKI.GR , 17 2010 15:33


CDS , ,
.

, , , ,
CDS (
)
.


.

CDS ,
, .
CDS,
, .
, , , .
,
,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, , ,
, ,
,
.
. ,

.
: -

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


CDS
, ,
(CDS) E
,
, , . . ...

: parapolitika


CDS
, , , ,
CDS (
)
.

CDS ,
, .
CDS,
,
., , , .
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

: , 05, 2010

Bloomberg:

Bloomberg - Trichet

, swaps, . Trichet.

swaps
, Bloomberg Jean Claude Trichet.
,
.
, ,
Goldman Sachs swaps.

, Trichet
Bloomberg, .
,
, .
Bloomberg
, Eurostat
.
: ,
Bloomberg Gustavo Piga, Derivatives and Public Debt Management
Tor Vergata . , Eurostat
.
.
, Trichet ,
. ,
,
.
, .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

Bloomberg:
swaps
Bloomberg,
, (swaps).
(swaps), ,
, Bloomberg.
'' , ,
''.
, ,
,
240 .
.
Bloomberg News 2010,
" ",
, Marta Lopez Torres ..
.
" " " ", . "
. ".
Bloomberg News, Timothy Pitt-Payne "
".
, Bloomberg News
,
.
Bloomberg 2010
.
swaps ,
.
Eurostat: swaps 5,3 .
Eurostat, swaps 5,3 . ,
. 2009

.
Bloomberg 21/10, "

".
" ( )

".
swap 2009,
. , , Bloomberg, "

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

".
swaps 2001
2007, Eurostat 15/11.
, 2,8
. Goldman Sachs 2001,
, ,
.
http://news247.gr/eidiseis/oikonomia/bloomberg_mhnysh_sthn_ekt_gia_ta_ellhnika_swaps.1816610.h
tml
Posted by geokalp at 09:46
Labels: GS, , _, , , ,

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, 14 2011


swap Goldman Sachs
H Goldman Sachs 2010
Fayad Mulla-Khalli,
swap.
,
, , ...
Goldman Sachs
swap .
,
,
. , ,
,

2000-2001.
Goldman Sachs
2010 Fayad Mulla-Khalli,
,
swap .
,
, ,
, .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010




NAFTEMPORIKI.GR , 19 2010 16:15
: 19/05/2010 17:59


,

, , naftemporiki.gr
Providence Asset Management
.

,
,

, .
, ,

.

Yiomiuri,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

-
, .
, ,
. , ,
,
.
.
;
, .
,
.
, .
, .
-
10% , .
.
, ,
, , [EUR=X] , ,.
, 20
30% .
,
;
. 2%
1% . 98%;
,

.
.
,
, , , , ,
, .
, ,
, , .
, , , ,
, .
,
, .
,
,
.

;
. .
. .
(.. )
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, , ,
,
, .
.
,
. ,
, ,

.

.
. , ,
.
,
, ,
,
, .
.
.
,
, .
, .
,
,
, ,
, .

.
, ,
, .
.


;
.
,
,
, ,

.
, ,
, , .
, ,
. , ,
, .

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, ,
. ,
, ,
, ,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

:

,
,
. ,
, .
:
,
, .
, ,
.
. ,
.
, ,
,
.
- -
40% .
, ,
. ,
.

,
.
BP, SHELL TOTAL ,
, .
.


.
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

, .
, :
-
.
- .
- ,
- , .
. ,

.
. ,
.
.
,
, .
.
.
: www.athina984.gr

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

:

NAFTEMPORIKI.GR , 19 2010 19:01

, .
,
. .
, short
selling [EUR=X] , .
:


.
,
, ,
.
.

,
,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010


15/11/2010 - 14:43
: 21/10/11

...

. ,

.
. ,


7 .
1.
. , .

. 2009 .

, .
. ,
, . , : ,
,
, .

. .
. ,
(

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

) .
,
.
.
, .
.
2009 .
,
. .
, , .
, : , ,

, .

. .
. , (
) .
,
.
2. .
, . .
.

, ,
.
,
, . ,
, .
.
.
.
, . .
.
,
, .

, ,
. ,
, . .

.
3. .
.
.
.
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

.
4.
.
(.. ,
)
. 3 .
, .
.

.
(.. , )
.
3 . ,
. .
5.
, .

, , ,
, , ,
, ,
,
.

, .

, , ,
, , , ,
,
,
.
6. 14
- .
.
. ,
- (.. )
. , ,
: 3-4
.


.
14
- .
.
. , (.. )

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

. , , :
3-4
.

.
7. .
: .
.
,
, ,
.
.
: .
.
,
, ,
.
.
: .
.
,
, ,
.
: 21/10/10

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010



18:35 16/6/2010



o
.
Text Size

,
,
.
. , ,

,
.
,
, ,


.
.

.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

,
, , ,
, .
, , ,
.

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

www.minisikerdoskopon.gr * www.stopspeculators.gr

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

stopspeculators.gr
www.stopsp... - -
7 Feb 2011 to the Financial and Economic Crime Unit of the Greek Ministry of Finance. Contact us !!!
Kiriakos Tobras George Noulas. GREEK JUSTICE ...
( ) - katapeltis o noulas kai o ...
www.inews.gr Blogs Olympia -
11 . 2011
. . ...
HellasFrappe : Max Keiser, Noulas and Tobras tell all on Alex ...
hellasfrappe.... - -
17 Jun 2011 In a revealing interview with Kyriakos Tobras and George Noulas, Keiser points out to
Jones how Greece fell victim to economic terrorism.
Sound Money Interview of Kiriakos Tobras Part 1 of 4 (06-07-11 ...
14:27 14:27
www.youtube.com/watch?v=5efEX-xFRo8
17 2011 - CoveringDelta
My guest for this show is Greek economist Kiriakos Tobras. Dr. Tobras, along with his colleague George
...
Sound Money Interview of Kiriakos Tobras Part 3 of 4 (06-07-11 ...
14:24 14:24
www.youtube.com/watch?v=y8pPpi7fxOk
17 2011 - CoveringDelta
My guest for this show is Greek economist Kiriakos Tobras. Dr. Tobras, along with his colleague George .
| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

anti-ntp.blogspot.com: ( )
anti-ntp.blogspot.com/.../blog-post_6796.... -
12 . 2011 ..... of Kavala,
Macedonia Greece ...
Steve Forbes in Greece with the International Chamber of ...
300splogger... - -
16 Jun 2011 There are 2 top Greek attorneys right now in Greece, Kiriakos Tobras and George Noulas,
that have filed lawsuits against the international ...
[PDF]

www.minisikerdoskopon.gr/pdf/gr-vs-kerdoskopoi_new_printable.pdf
: PDF/Adobe Acrobat
19 2010 * . 2. .... SACHS
, MORGAN STANLEY, NATIONAL BANK OF GREECE.
tobras - Max Keiser
maxkeiser.com/tag/tobras/ -
26 . 2011 Dr. Kiriakos Tobras * www.stopspeculators.gr. On April 09, 2010, in Athens, together
with the Greek Lawyer Mr. George Noulas, we filled a ...
Kiriakos Tobras: The Greek Sovereign Debt Financial Scam - Max ...
maxkeiser.c... - -
3 Jun 2011 Dr. Kiriakos Tobras * www.stopspeculators.gr. On April 09, 2010, in
Sound Money Interview of Kiriakos Tobras Part 1 of 4 (06-07-11 ...
www.youtub... - -
17 Jun 2011 My guest for this show is Greek economist Kiriakos Tobras. Dr. Tobras, along with his
colleague George Noulas, are the originators of a ...
Sound Money Interview of Kiriakos Tobras Part 4 of 4 (06-07-11 ...
12:18 12:18
www.youtube.com/watch?v=KqjT6lmZ5RA
17 2011 - CoveringDelta
My guest for this show is Greek economist Kiriakos Tobras. Dr. Tobras, along with his colleague George
...
GREECE TOBRAS NOULAS
dakepekoz: ...
dakepekoz.blogspot.com/.../blog-post_12.... -
12 . 2011
... . .
Giorgos Noulas on Veengle
www.veengle.com/s/Giorgos%20Noulas.html
My guest for this show is Greek economist Kiriakos Tobras. Dr. Tobras, along with his colleague George
Noulas, are the originators of a monumental lawsuit filed ...
Today's Top Features - YouTube Video | What's on TV
www.soaptvweek.co.uk/video/youtube?search=
15 . 2011 Max Keiser talks to Dr. Kiriakos Tobras and Georgios I. Noulas. Dr. Tobras has ...
G.NOULAS - Greek Elections - B' ATHENS (00:32). GIORGOS ...
( ) , , ...
www.axortagos.gr/kivernisi-noulas-katape... -

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

11 . 2011
. ...
Tobras
zomobo.net/tobras -
My guest for this show is Greek economist Kiriakos Tobras. Dr. Tobras, along with his colleague George
Noulas, are the originators of a monumental lawsuit filed ...
Kiriakos tobras
zomobo.net/... - -
My guest for this show is Greek economist Kiriakos Tobras. Dr. Tobras, along with his colleague George
Noulas, are the originators of a monumental lawsuit filed ...
&
www.scribd.com/.../---...
8 . 2012 gr * 09/04/2010 * George Noulas * Kiriakos Tobras ... Complaint being endorsed and filed
to the Attorney General of the Greek Supreme Court.
KIRIAKOS TOBRAS - : THE GREEK CDS FINANCIAL ...
www.scribd.... - -
12 Feb 2012 There are not enough money to pay the Greek CDS Bill. This is the reason Greece shall not
default! Kiriakos Tobras * George Noulas
. - iNews
www.inews.gr Blogs Olympia -
16 . 2011 o dr kyriakos tobras epivevaionei tin klisi tou italou eisangelea gia tin ...
, (, , ...
. ...
www.inews.gr Blogs Ksipnistere -
15 . 2011 . , . . emeis minysame aftous pou mas odigisan sto mnimonio g ...
TOBRASNOULAS's Updates - Pirate My Film
www.piratemyfilm.com/.../1681-kiriakos-t... -
Follow. KIRIAKOS TOBRAS. Last Active: about 1 year ago. Home Country: Greece. Avg. Member Rating: 5.
Member Since: 10 Jun 2011. Rate This Member ...
Max Keiser in Athens talking to Dr. Kiriakos Tobras & Georgios I ...
www.popscr... - -
Max Keiser talks to Dr. Kiriakos Tobras and Georgios I. Noulas. ... Max Keiser: Cancer is How They Will
Take It All Max Keiser: 'Greece run by financial terrorists ...
George Noulas - Peeepl.com
peeepl.com/people/george-noulas/ -
In a revealing interview with Kyriakos Tobras and George Noulas, Keiser points out to Jones how Greece
fell victim to economic terrorism. ... George Noulas' ...
. - - - YouTube
7:31 7:31
www.youtube.com/watch?v=af04UkRfzCM
6 2011 - NoulasGeorge
. - - .... by videopories89,716 views; Max Keiser on
the Greek Crisis (with Greek ...
GREECE TOBRAS NOULAS

zomobo.net/ -

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

My guest for this show is Greek economist Kiriakos Tobras. Dr. Tobras, along with his colleague George
Noulas, are the originators of a monumental lawsuit filed ...
Georgios Noulas
zomobo.net/Georgios-Noulas -
Max Keiser talks to Dr. Kiriakos Tobras and Georgios I. Noulas. Dr. Tobras has filed a lawsuit against
Goldman Sachs, JP Morgan and several other banks and ...
Berlin-Athen: ...
www.berlin-athen.eu/index.php?... -
22 2011 09.04.2010
. ...
( ) www.olympia.gr
olympia.gr/.../-----... -
11 . 2011
. . ...
: 12.000 CDS ...
olympia.gr/.../--... -
8 . 2012 - ... Posted in
Home, Tagged Alpha Bank,Eurobank,Greece, ...
...
olympia.gr/.../---... -
13 . 2011 () ()
... : ...
Sound Money Interview of Kiriakos Tobras Part 2 of 4 (06-07-11 ...
14:27 14:27
www.youtube.com/watch?v=dyW_13-4Zlk
17 2011 - CoveringDelta
My guest for this show is Greek economist Kiriakos Tobras. Dr. Tobras, along with his colleague George
...
GREECE TOBRAS NOULAS
...
justiceforgreece.wordpress.com/.../... -
4 . 2012 09.04.2010 , .... to investigate the
crimes being perpetrated in Greece and bring to trial ...
brief thoughts on the greek bailout - Pragmatic Capitalism
... - - -
29 Jun 2011 Greece passed their austerity plan this morning in what should .... does not directly
address the accusations of Dr. Tobras and Mr. Noulas.] ...
stifora.gr - ...
www.stifora.gr/article.php?id=23037 -
9 . 2010 . , . . , . ...
Max Keiser in Athens talking to Dr. Kiriakos Tobras & Georgios I ...
vodpod.com/.../7472712-max-keiser-in... -
29 Apr 2011 Max Keiser in Athens talking to Dr. Kiriakos Tobras & Georgios I. Noulas ... Max Keiser
rallies the troops in Greece - Syntagma, Athens 16/6/11 ...
Giorgos Noulas - Peeepl.com
peeepl.com/people/giorgos-noulas/ -

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

10+ Is Giorgos Noulas your old friend, lost relative, colleague or ...
Max Keiser in Athens talking to Dr. Kiriakos Tobras & Georgios I. Noulas
. - -
; |
neaproia.wordpress.com/.../--... -
6 2011 ... having purchased credit-default swaps on Greek bonds. The release does not directly
address the accusations of Dr. Tobras and Mr. Noulas.] ...
Kiriakos Tobras- - Free People Check UK Phone ...
www.yasni.co.uk/...tobras.../check+peo... -
People Check for Kiriakos Tobras-: Greek, Noulas, Georgios, Greece, Keiser talks to, Max Keiser
talks, Ecademy, Max talks to, Financial, Sound Money
G.NOULAS - Greek Elections - B' ATHENS - YouTube
5:06 5:06
www.youtube.com/watch?v=yyzV6O1-Z-Q
24 2009 - geoxstuff
G.NOULAS - Greek Elections - B' ATHENS - 3' 35''by electionsGR20071,423 views Max Keiser in ...
- 10 - A ...
10:37 10:37
www.youtube.com/watch?v=j2FQHNy5OuQ
6 2011 - NoulasGeorge
14:27. Watch Later Sound Money Interview of Kiriakos Tobras Part 1 of 4 (06-07-11)by ... G.NOULAS Greek ...
GREECE TOBRAS NOULAS
- YouTube
www.youtube.com/playlist?list=PLE63D37C0E912E8EF
Max Keiser in Athens talking to Dr. Kiriakos Tobras & Georgios I. Noulas by ... Max Keiser rallies the
troops in Greece - Syntagma, Athens 16/6/11 by ...
. - - - YouTube
www.youtube.com/watch?v... -
6 . 2011 . - - .... by videopories89,716 views;
Max Keiser on the Greek Crisis (with Greek subtitles) ...
17-10-2012 ...
diaforos.blogspot.com/.../17-10-2012.htm... -
17 . 2012 17-10-2012 . 233
..... 2 days ago. MAKEDONIA IS GREECE ...
Kiriakos tobras
zomobo.net/... - -
My guest for this show is Greek economist Kiriakos Tobras. Dr. Tobras, along with his colleague George
Noulas, are the originators of a monumental lawsuit filed ...
Accusations of Treason in the Greek Parliament | Covering Delta
www.coveri... - -
29 May 2011 ... does not directly address the accusations of Dr. Tobras and Mr. Noulas.] ... Around the
time that the Hellenic Postbank of Greece sold these ...
G.NOULAS - Greek Elections - B' ATHENS - YouTube
0:32 0:32
www.youtube.com/watch?v=phlFkR9q_nU

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

6 2007 - electionsGR2007
G.NOULAS - Greek Elections - B' ATHENS - 3' 35''by electionsGR20071,423 views; Max Keiser in ...
Dr. Kiriakos Tobras on CDS and Naked Short Sale of Greek Bonds ...
13:23 13:23
www.youtube.com/watch?v=aB9T5xf5E9U
5 2011 - CoveringDelta
Dr. Kiriakos Tobras on CDS and Naked Short Sale of Greek Bonds by Primary Dealers .... Kiriakos Tobras .
GREECE TOBRAS NOULAS
Max Keiser in Athens talking to Dr. Kiriakos Tobras & Georgios I ...
maxkeiser.c... - -
3 May 2011 Dr. Tobras' friend, Mr. Noulas, joined us and he was very interesting. We'll have .... The
debt was loaded on Greece by their politicians and the ...
...
justiceforgreece.wordpress.com/.../... -
22 2012 Kiriakos Tobras. George Noulas. 3)27.05.2010 Dimitris Antoniou
...

zomobo.net/ -
My guest for this show is Greek economist Kiriakos Tobras. Dr. Tobras, along with his colleague George
Noulas, are the originators of a monumental lawsuit filed ...
Georgios Noulas
zomobo.net/Georgios-Noulas -
Max Keiser talks to Dr. Kiriakos Tobras and Georgios I. Noulas. Dr. Tobras has filed a lawsuit against
Goldman Sachs, JP Morgan and several other banks and ...
Ecopra emission tests and result
ecopracyprus.com/.../emissions-test-res... -
Greek dept crisis and the world wide ponzi scheme Support Mr. Tobras and Mr. Noulas in the court
battle against the financial terrorists and traitors within ...
KIRIAKOS TOBRAS - : THE PIIGS CDS FINANCIAL BOMB
www.scribd.com/.../KIRIAKOS-TOBRAS-... -
16 . 2012 Kiriakos Tobras * George Noulas * www.stopspeculators.gr *
www.scribd.com/my_document_collections/3477124. PIIGS : ...
. www.olympia.gr
olympia.gr/.../---... -
7 . 2011 , ' ,
. : ...
- 10 - A ...
www.youtube.com/watch?v... -
6 . 2011 14:27. Watch Later Sound Money Interview of Kiriakos Tobras Part 1 of 4 (06-07-11)by ...
G.NOULAS - Greek Elections - B' ATHENS - 3' 35''by ...
. - - YouTube
4:41 4:41
www.youtube.com/watch?v=D5c_oupsg04
20 2011 - NoulasGeorge
. - - by NoulasGeorge637 views
. 1:14. Watch Later ...
GREECE TOBRAS NOULAS

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

George Noulas - Pipl Directory


https://pi... - -
28 Feb 2011 GREECE ( ) Hellas National Football Team Greek ... On April 9, 2010, Dr.
Kiriakos Tobras (myself) & Mr. George Noulas ...
Noulas - Pipl Directory
https://pi... - -
On April 9, 2010, Dr. Kiriakos Tobras (myself) & Mr. George Noulas (lawyer & deputy), presented to the
Prosecutor of the Supreme Court of Greece, ... [ Bond ...
...
passo.eclubs.gr/node/2415 -
26 . 2011 * www.minisikerdoskopon.gr *
www.stopspeculators.gr. E , ...
My Sound Money Interview of Kiriakos Tobras Uploaded to YouTube ...
www.coveri... - -
17 Jun 2011 In light of Mr. Noulas and Dr. Tobras' recent appearance on the Alex ... only for members
of the Greek government, but for foreign actors as well, ...
10 2011
www.pentapostagma.gr/2011_09_10_arch... -
10 . 2011 ... . , ...
.gr (Greece), .uk ...
KIRIAKOS TOBRAS - : THE GREEK SOVEREIGN DEBT ...
www.scribd.... - -
9 Feb 2012 Dr. Kiriakos Tobras www.stopspeculators.gr. On April 09, 2010, in Athens, together with
the Greek Attorney Mr. George Noulas, we alleged a ...
noulas on Veengle
www.veengle.com/s/noulas.html -
1 2 3 4 5 6 next Max Keiser in Athens talking to Dr. Kiriakos Tobras & Georgios I. Noulas ...
Entertainment G.NOULAS - Greek Elections - B' ATHENS ...
HellasFrappe : George Papandreou accused of committing treason ...
hellasfrappe.... - -
2 Jun 2011 On April 09, 2010, in Athens, the Tobras and Noulas filled a Criminal Fraud Charge Report,
submitted to the Attorney General of the Greek ...
Dr. Kiriakos Tobras on CDS and Naked Short Sale of Greek Bonds ...
www.youtub... - -
4 Jun 2011 Dr. Kiriakos Tobras on CDS and Naked Short Sale of Greek Bonds by Primary Dealers ....
Kiriakos Tobras and George Noulas are true heroes ...
. - - YouTube
www.youtube.com/watch?v=D5c... -
20 . 2011 . - - by NoulasGeorge637 views
. 1:14. Watch Later ...
G.NOULAS - Greek Elections - B' ATHENS - YouTube
www.youtub... - -
24 Sep 2009 G.NOULAS - Greek Elections - B' ATHENS - 3' 35''by electionsGR20071,423 views Max
Keiser in Athens talking to Dr. Kiriakos Tobras ...
DEUTSCHE BANK * GOLDMAN SACHS * S&P * MOODY'S * FITCH ...
www.scribd.com/.../DEUTSCHE-BANK-G... -

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

21 . 2012 Kiriakos Tobras * Geroge Noulas * www.stopspeculators.gr *


www.scribd.com/my_document_collections/3477124. 1. ...
HELLENIC SECURITISATION SA * AEOLOS SA * ARIADNE SA ...
www.scribd.com/.../HELLENIC-SECURIT... -
20 . 2012 ... SPV GREEK GOVERNMENT by kyrotobras in CDs, Crisis, and greece. ... KIRIAKOS
TOBRAS * GEORGE NOULAS 20 2012 ...
YouTube Video | What's on TV
soaptvextra.com/video/youtube/search/giorgos%20noulas
Max Keiser talks to Dr. Kiriakos Tobras and Georgios I. Noulas. ... Max Keiser on the Greek Crisis (with
Greek subtitles) StopSpeculators.gr - MinisiKerdoskopon.
- YouTube Video | What's on TV
soaptvextra.com/video/youtube/search/
15 . 2011 Max Keiser talks to Dr. Kiriakos Tobras and Georgios I. Noulas. Dr. Tobras has ...
G.NOULAS - Greek Elections - B' ATHENS (00:32). GIORGOS ...
Giorgos Noulas Videos 1. Max Keiser Athens talking to Dr. Kiriakos ...
vidgrids.com/giorgos-noulas -
My guest for this show is Greek economist Kiriakos Tobras. Dr. Tobras, along with his colleague George
Noulas, are the originators of a monumental lawsuit filed ...
VideoMicrosoft - videos
videomicrosoft.com//
My guest for this show is Greek economist Kiriakos Tobras. Dr. Tobras, along with his colleague George
Noulas, are the originators of a monumental lawsuit filed ...
Georgios Noulas on Veengle
www.veengle.com/s/Georgios%20Noulas.html
Max Keiser talks to Dr. Kiriakos Tobras and Georgios I. Noulas. Dr. Tobras has filed a lawsuit against
Goldman Sachs, JP Morgan and several other banks and ...
Max Keiser In Athens Talking To Dr. Kiriakos Tobras & Georgios I ...
www.celebri... - -
29 Apr 2011 Max Keiser talks to Dr. Kiriakos Tobras and Georgios I. Noulas. Dr. Tobras has filed a
lawsuit against Goldman Sachs, JP Morgan and several other ... of Buffalo Bill [RT] Max Keiser explains
the sinister plot against Greece ...
Max Keiser in Athens talking to Dr. Kiriakos Tobras ... - YouTube
www.youtub... - -
29 Apr 2011 Max Keiser talks to Dr. Kiriakos Tobras and Georgios I. Noulas. Dr. Tobras ... Watch Later
The Greek Debt Crisis Explained in Four Minutesby ...
RT - YouTube
www.youtube.com/watch?v... -
4 . 2011 Max Keiser in Athens talking to Dr. Kiriakos Tobras & Georgios I. Noulasby
MaxKeiserTV14,602 views G.NOULAS - Greek Elections - B' ...
G.NOULAS - Greek Elections - B' ATHENS - YouTube
www.youtub... - -
6 Sep 2007 G.NOULAS - Greek Elections - B' ATHENS - 3' 35''by electionsGR20071,423 views; Max
Keiser in Athens talking to Dr. Kiriakos Tobras ...
. - - - YouTube
www.youtube.com/watch?v... -
6 . 2011 . - - ... Max Keiser on the Greek Crisis (with
Greek subtitles)by omadeon532,539 views ...

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

- 10 - B ...
www.youtube.com/watch?v=DcwKceX... -
6 . 2011 - 23/11/12 - - 10 1/4by JasonBK200018
views G.NOULAS - Greek Elections - B' ATHENS 0:32 ...
E - . - - YouTube
www.youtube.com/watch?v... -
6 . 2011 - 10 - Aby NoulasGeorge153 views
... G.NOULAS - Greek Elections - B' ATHENSby ...
( ) - YouTube
www.youtub... - -
4 May 2011 Sound Money Interview of Kiriakos Tobras Part 1 of 4 (06-07-11)by CoveringDelta2,108
views ... G.NOULAS - Greek Elections - B' ATHENSby ...
G.NOULAS - Greek Elections - B' ATHENS - 3' 35'' - YouTube
www.youtub... - -
7 Sep 2007 G.NOULAS - Greek Elections - B' ATHENSby geoxstuff219 views; Max Keiser in Athens
talking to Dr. Kiriakos Tobras & Georgios I. Noulas 0:49 ...
Banksters in Jail! StopSpeculators.gr in Syntagma Square!! // ...
maxkeiser.c... - -
26 Jun 2011 Kiriakos Tobras George Noulas. MirrorMirror | June 26, 2011 at 2:09 pm |. @KIRIAKOS
TOBRAS. Do you have a group in Greece that is ...
12.000 CDS ...
efpalio.wordpress.com/.../--12-00... -
11 . 2012 -
...
(..) ..... - Diaforos
diaforos.blogspot.com/.../blog-post_21.ht... -
21 . 2012
. ..... MAKEDONIA IS GREECE ...
Interest rate cut on Ireland's bailout deal is far from certain
www.thejour... - -
5 Oct 2011 In Greece Dr. Kiriakos Tobras and Georgios I Noulas have filed a lawsuit against Goldman
Sachs, JP Morgan and several other banks and ...
Goldman Sachs & Paulson Fund charged for fraud under Obama's ...
www.linkedi... - -
16 Apr 2010 On April 9, 2010, Dr. Kiriakos Tobras (myself) & Mr. George Noulas (lawyer ... Regarding
Greece, unfortunatelly, the right name for my country is ...
Kiriakos Tobras - Free People Check with News, Pictures & Links ...
www.... - -
Check Kiriakos Tobras: Greece, Greek, Keiser, Chamber of Commerce, Forbes in Greece, George Noulas,
International Chamber, Steve Forbes, There, ...
Crony Capitalism Descends Upon Greece - GCN Live.com
www.gcnliv... - -
17 Jun 2011 George Noulas, a former member of Greek Parliament and a ... According to Greek
journalist and economist Kiriakos Tobras, the lawsuit was ...
HellasFrappe : RADIO INTERVIEW: Panos Kammenos tells all ...
hellasfrappe.... - -

| | | 2744/2010

7 2011

|
07/02/2011- 2744/2010

11 Sep 2011 On April 09, 2010, Dr. Kyriakos Tobras and Greek Lawyer Mr. George Noulas, filled a
Criminal Fraud Charge which was submitted to the ...
Ecopra engine kit components
ecopracyprus.com/ecopra-kit-compone... -
Greek dept crisis and the world wide ponzi scheme Support Mr. Tobras and Mr. Noulas in the court
battle against the financial terrorists and traitors within ...
Ecopra car, truck and van kit's being fitted and tested
ecopracyprus.com/.../technical-and-gen... -
Greek dept crisis and the world wide ponzi scheme Support Mr. Tobras and Mr. Noulas in the court
battle against the financial terrorists and traitors within ...
Ecopra Kit Slideshow
ecopracyprus.com/...cat/product-details... -
Greek dept crisis and the world wide ponzi scheme Support Mr. Tobras and Mr. Noulas in the court
battle against the financial terrorists and traitors within ...
Episode 162 comments RT Programs Keiser Report
rt.com/...gre... - -
7 Jul 2011 Thanks to Max , Stacy Mr Tobras and Mr Noulas in Greece and young reporters like Demetri
Koufinas word has spread in Greece and people ...

| | | 2744/2010