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Off the books financial instruments are not new. In this case, currency swaps of the sort conducted with Goldman swaps. Nor were they hidden, they were announced everywhere and indeed Eurostat noted that a change needed to be made so that they could be accounted as debt. The change was made. Two years after Greece entered.

Germany conducted the same sort swaps in some sectors.

Even today you see funky accounting in all these countries.

by Upstate NY on Sat Nov 26th, 2011 at 10:25:08 AM EST
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