accounting fraud
"It is an accounting fraud plain and simple. Misrepresenting the debt level to fib the credit rating. "
Absolutely. It's one of the many 'modern' practices which make the City so special, one of the reasons why the UK can't possibly do without them (unlike every other country in the world, bar a handful).
"Exactly what the Greeks did."
Not just the Greeks, as you've observed already. But no one should blame (just) the Greeks. The advisers to the relevant governments and organisations have a responsibility too. And who might we find there? Well, we find Goldman Sachs etc, obviously.
http://www.bbc.co.uk/blogs/radio4/entries/fba91847-2c24-394f-a088-99fbb6973b51
"[...] To get inside the walls of the Eurozone, the Greeks needed to convince the European Union that they had met various irksome rules about inflation, government deficit, and government debt.
[so they] called Goldman Sachs and asked them to structure a clever financial deal that put a lot of Greek borrowing off the books. And it wasn't just Goldman Sachs - it's been reported that there were all kinds of ways in which the Greek government of 11 years ago managed to make their macroeconomic statistics look trim and healthy. [...]"
Sound familiar at all? Nothing to do with PFI, obviously.
An allegation obviously rejected by the parties who profited. But then they would say that, wouldn't they.