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The banking tower in Frankfurt, which hosts the offices of Alvarez and Marsal (Photo: Wolfgang Staudt)

Troika consultancies: A multi-million euro business beyond scrutiny

Alvarez and Marsal, BlackRock, Oliver Wyman, Pimco: The names mean nothing to the average European.

But the financial consultancies have played a central role in all the eurozone bailouts and have so far invoiced taxpayers in Cyprus, Greece, Ireland, Portugal and Spain over €80 million.

Their "independent" expertise is used by the "troika" of international lenders - the European Central Bank (ECB), the European Commission and the International Monetary Fund (IMF) - to decide how m...

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