Greece's debt managers agreed a huge deal with the savvy bankers of US investment bank Goldman Sachs at the start of 2002. The deal involved so-called cross-currency swaps in which government debt issued in dollars and yen was swapped for euro debt for a certain period -- to be exchanged back into the original currencies at a later date.
I'm not as financially savvy as 'our buddy'(/s) Rahm Emanuel, but to me it looks like his buddies at GOLDMAN SACHS were basically having Greece pull a Check Kiting Scam, except with real money.
Pretty soon 'someone' better be sitting in a holding cell at a Federal Courthouse.
I just can't wait til Rahm (or family members) announce they are going on a "family vacation" to Greece.