By Simon Johnson
Otmar Issing, a former senior European Central Bank official, came out strongly today against any kind of rescue package for Greece (FT op ed; Bloomberg report).
He hits hard to the core of the issue:
“Financial assistance for countries that violated the terms of their participation in EMU [European Monetary Union, i.e., the eurozone] would be a major blow for the credibility of the whole framework.”
Unfortunately, Mr. Issing’s article (and the subsequent coverage) neglected to mention that he is an adviser to Goldman Sachs (see also the FT archives). This is a major issue for three reasons. Continue reading “Senior Goldman Adviser Criticizes Greece – Without Disclosing His Goldman Affiliation”