s contracts are still held by the hellenic bank then the money that the greek government is seeking to offset their losses would have would be reduced correct what is certain is that they sold their only umbrella before storms so would they have been better off the absolute it would be better off because it was an insurance contract insuring against the fall and even if they didn't have a default those that insurance contract was rising about so so in that sense he absolutely better off meant that would have saved them from a complete default no put but metaphor it was not meant for italy it's also something bad at the time of the country was most vulnerable it was the one thing it was directly correlated to the healthy economy into regularly so the more dire straits the country was in the gauche issues of the i.m.f. and with the e.u. the more value this asset would have so it's the least thing that you want to get rid of once you come into the government and you look at the books and said ok our in our deficit is way above or we've been saying it is our national debt is way worse our

these specific bonds that they were bought by hellenic postbank in spring. summer of two thousand and nine and then sold in december after the new government came to power to some third party that that third party has not yet been confirmed but it's also a question of the larger question of who owns all these other dirt of contracts that are bets against greek default and already the people in the gauche ations over the over bailouts for greece are they owners of this do they have any any interest in this so there's these massive potential conflicts of interest and one of the things that the m.p. asked for besides everything else was that the prime minister come to parliament and that he hears you provide evidence along with other people in the us and that effectively everyone coach or themselves or not person subs you know. provide evidence to say what you know do i or do i not have an interest in the collapse of the country because i'm involved in negotiations and that's a major potential conflict of interest ok so one point three billion in credit default

hellene there are. still large disparities between booming regions and more rural regions. and i think this. would be a. change of prosperity if we were together with the with the turkish and very little. in the outfield of corporations we have a lot of trucks people within our old front years. it's. the third biggest tech fish city in fact it's brilliant so we don't have problems in the cooperate in the ground we have them as partners in the auto area and it really is now that the treaty organization. but i think their political project if you're. ships because of trade on europe why shouldn't the e.u. expand beyond europe. otherwise it would not have the character for me it's. a whole bunch of i do use of the starting from the greek. with christianity and all that it's a new idea. and i think nobody has to be asked to feel bad if you see. a. little of what he says that. he wants to concentrate on. cooperated with lots of other nations in the world that have nothing to do with. nationalism or europe. and so it's just. i would choice the thing to say we want to. thank you f

denial but they said that not only then did they not by any credit default swap protections from hellenic postbank on greek that but they didn't buy any spree c.d.'s period that they never advised in their clients to buy any and the be the m p actually did not provide publicly the evidence that he he claims he is the salmon it into many hands and i kid got on national television afterward and said that no one you know that's no one should try to or that he is suggesting that he's been threatened and that he won't be threatened and that this information is in many hands but we haven't seen the specific evidence for this specific firm out of the larger context of the article that i wrote about is something that you've talked about on your show before you've had good actors thought us on the show and who along with george and us filed the lawsuit against the greek government speculators for their role in this larger financial kind of syndicate project using the derivatives markets on the one hand the c.d.s. market the insurance market and the naked short selling bonds on the other hand with

square on the right side of parliament and there was smoke billowing out everywhere you had the hellenic postbank lit on fire so it's chaotic i mean i don't really here during the day after this aftermath i'm first i just want to break in cause we're all go out of time but i just want to ask if you think that the united states needs to be paying attention to this as it looks at cuts in its own budget and having and into entitlements for example on the possible talking blotter. look i mean in title months there's an issue with entitlements regardless whether you're for the way these things are implemented or not many greeks here understand that we need to cut the public sector we need to to shore up this this economy we need to create a market that's that they can deal with they can absorb capital and promote private investment. i think is the real issue tonight states and they should look to greece for that is that what happened what's going to happen in the u.s. if you had similar protests in new york what if you had people you know going up and down central park breaking things i mean