Posted on 12/22/2013 2:15:24 AM PST by Olog-hai
Alvarez and Marsal, BlackRock, Oliver Wyman, Pimco: The names mean nothing to the average European, but the financial consultancies have played a central role in all the eurozone bailouts and have so far invoiced taxpayers in Cyprus, Greece, Ireland, Portugal and Spain over €80 million.
Their “independent” expertise is used by the “troika” of international lenders—the European Central Bank (ECB), the European Commission and the International Monetary Fund (IMF)—to decide how much countries or banks need to prevent a default. They are often hired without a public tender, posing questions on transparency and accountability. […]
The end result is a “golden circle” of a dozen or so large firms with a de facto monopoly on handling EU bailouts. …
(Excerpt) Read more at euobserver.com ...
Thanks Olog-hai.
Helmut Schmidt: ‘The state of Europe is problematic’
http://www.freerepublic.com/focus/news/3104315/posts
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