An error sometimes made is the confusion of discussion regarding Greece’s Eurozone entry with the controversy regarding usage of derivatives’ deals with U.S. Banks by Greece and other Eurozone countries to artificially reduce their reported budget deficits. A currency swap arranged with Goldman Sachs allowed Greece to "hide" 2.8 billion Euros of debt, however, this affected deficit values after 2001 (when Greece had already been admitted into the Eurozone) and is not related to Greece’s Eurozone entry. COUNT 5
QSN1 What error is sometimes made by tying Greece's Eurozone entry with? ANS1 controversy regarding usage of derivatives’ deals QSN2 What banks did Greece use derivatives' deals with? ANS2 U.S. Banks QSN3 What was the result of the deals with the U.S. banks? ANS3 artificially reduce their reported budget deficits QSN4 How many Euros was Greece able to "hide" because of an arrangement with Goldman Sachs? ANS4 2.8 billion QSN5 Why aren't the deficit values affected by the currency swap with Goldman Sachs relevant to Greece's Eurozone entry? ANS5 affected deficit values after 2001