George MUPPET Romaios blamed "the Anglo-Saxons". The Great Statesman, Pagkalos, (admire him here) blamed German banks. Everyone and their dog blamed Goldman, including people who couldn't get the bank's name right.
Of course, it should have been known all along that the CDS market was being moved by buyers of CDS, not bond shorts. We also know that the major players, buyers or sellers, in the market for Greek sovereign debt CDS were, and always will be, Greek banks.
What we didn't know what just how explicitly this was done. Well it turns out the sleepy but state controlled Ταχυδρομικό Ταμιευτήριο (Postal Bank of Greece) apparently controlled 15% of the entire Greek CDS market just before selling the lot after
The original article here and reported abroad here.
Who profited from this? Oddly enough, the Greek state.
Well done assholes.
