Greece's attempt to attract Chinese investors to buy a slice of its sovereign debt took shape last November at a lunch attended by George Papandreou, the prime minister, and Gary Cohn, chief operating officer of Goldman Sachs, the US investment bank.
Faced by a soaring budget deficit and record public debt, the newly installed socialist government was eager for ideas about how to finance this year's €55bn ($77.5bn, £48bn) borrowing requirement, the FT has learnt.
Goldman was keen to promote a Greek bond sale to the Chinese government and the State Administration of Foreign Exchange, which manages the country's foreign exchange reserves – increasing at a rate of $50bn (€35bn, £31bn) monthly in recent months.