1 00:00:08,343 --> 00:00:13,922 State and banks, hidden aspects of a historical hold up 2 00:00:13,922 --> 00:00:17,636 Conference by Myret Zaki and Etienne Chouard 3 00:00:17,636 --> 00:00:21,021 Moderation: fabio Lo Verso (La cité) 4 00:00:21,021 --> 00:00:22,052 First conference 5 00:00:22,052 --> 00:00:24,016 "The State, Hostage of the financial sector" 6 00:00:24,016 --> 00:00:26,999 By Myret Zaki 7 00:00:28,091 --> 00:00:30,043 I'll stay here taking notes 8 00:00:30,043 --> 00:00:34,044 because there will be an article about this topic in the next issue of newspaper "La Cité" 9 00:00:34,044 --> 00:00:36,091 coming out next week 10 00:00:36,091 --> 00:00:41,092 we'll come back on tonight's discussion 11 00:00:41,092 --> 00:00:45,006 Thank you very much Fabio, and good evening to all of you 12 00:00:45,006 --> 00:00:48,030 I am delighted to be here with professor Chouard 13 00:00:48,030 --> 00:00:56,032 and to discover "l'usine Kugler" and to work in collaboration with "la cité" newspaper 14 00:00:56,032 --> 00:00:59,037 I personally work for an economics magazine called "Bilan" 15 00:00:59,037 --> 00:01:03,005 I've written a few books denouncing the 16 00:01:03,005 --> 00:01:07,048 drift of the financial sector these last years I've been following the evolution of finance the last 15 years 17 00:01:15,062 --> 00:01:19,085 and I've seen how they played a central role in what we now call "the crisis" 18 00:01:19,085 --> 00:01:24,009 so we are in the middle of a crisis as you probably noticed 19 00:01:24,009 --> 00:01:27,012 But we don't really know why ? why now ? 20 00:01:27,012 --> 00:01:29,062 we suddenly said that Greece was in crisis 21 00:01:29,062 --> 00:01:33,093 Can anyone tell me why, according to them, 22 00:01:33,093 --> 00:01:38,097 what triggered the "Greek crisis" 23 00:01:38,097 --> 00:01:45,095 that is a enormous crisis since end of 2009 24 00:01:46,586 --> 00:01:48,077 What started all of that in the first place 25 00:01:48,077 --> 00:01:51,001 if you tell me it is because of its debt 26 00:01:51,001 --> 00:01:54,087 I will tell you that Greece has the same debt level since several years 27 00:01:58,013 --> 00:02:02,078 who decided there is a crisis? does anyone know? Nicolas, who knows all the answers :-) 28 00:02:02,078 --> 00:02:07,008 The bad advices of Goldman Sachs and the way they've hidden, a part of their debt has contributed greatly 29 00:02:07,008 --> 00:02:12,016 ok good thread. The advices of Goldman sachs contributed to the crisis. I agree 30 00:02:12,016 --> 00:02:17,077 everything started when at the end of 2009 the notation agencies 31 00:02:17,077 --> 00:02:23,071 have said that Greece was having little financial difficulties 32 00:02:23,071 --> 00:02:27,029 as several countries of western Europe 33 00:02:27,029 --> 00:02:31,027 Their debt rate had slightly declined lately 34 00:02:31,027 --> 00:02:33,039 and that they needed to improve the way they manage their finance 35 00:02:33,039 --> 00:02:34,097 that's all 36 00:02:34,097 --> 00:02:37,006 rating agencies never said that Greece was in bankrupt 37 00:02:37,006 --> 00:02:41,009 All they said ...(sorry I am speaking too loud in this mic) 38 00:02:45,021 --> 00:02:49,027 In the coming years Greece should try to have a better management of its finances 39 00:02:49,027 --> 00:02:51,074 and that was in 2009 40 00:02:51,074 --> 00:02:54,046 what did really trigger the crisis is that 41 00:02:54,046 --> 00:02:59,081 there was a meeting between 5 hedge funds 42 00:03:03,041 --> 00:03:06,057 in a restaurant in new York 43 00:03:06,057 --> 00:03:07,556 an american newspaper told that story 44 00:03:07,556 --> 00:03:09,056 this is not a fiction 45 00:03:09,056 --> 00:03:12,266 one of the speculator present that day was Georges Soros 46 00:03:12,266 --> 00:03:14,622 the man who hit the bank of england several years ago 47 00:03:14,622 --> 00:03:17,025 and earned 2 billion dollars on an operation to devaluate 48 00:03:17,025 --> 00:03:22,053 the british pound.