Firms search for next bailout

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 €80m.

Their independent expertise is used by the troika to decide how much countries or banks need to prevent a default. They are often hired without a public tender, posing questions on transparency and accountability. They are sometimes hired despite potential conflicts of interest, which arise from links to investment funds and other financial service providers.