Eurozone debt crisis – putting the poacher in charge of the pheasants

Eurozone debt crisis – putting the poacher in charge of the pheasants

Athens : Greece | May 24, 2012 at 5:11 PM PDT
Source: PRWeb
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Greece was admitted to the eurozone back in 2000 even though EU officials and national politicians must have been fully aware that Greece’s statistics indicating it had met entry criteria for the single currency were highly suspect. Now individual and corporate taxpayers from around the world are having to pay for its EUR 240bn bailout package. UK) 25 May 2012

Sitting on the dusty shelves of the Eurostat library in Luxembourg is an almost forgotten EU report* published in November 2004. This report charts the frustrated efforts of EU statisticians over an eight-year period to pursuade the Greek government to provide honest and accurate statistics

The first time that the European Union’s statistical authorities raised questions about Greece’s debt assumptions was during meetings on February 8th and 9th 1996...This led in 1997 to an EU instruction that “these corrections should be done immediately”...Later it was found by Eurostat that the deficits for 2000 to 2003 all had to be substantially revised upwards.

So what steps are now being taken to investigate this catalogue of errors and past economic mismanagement?...Jacques Delors, who in 1988 chaired a committee which proposed a plan to reach full economic and monetary union. and his subsequently disgraced successor Jacques Santer – who ironically heads up the Special Purpose Investment Vehicle - formed by the EU’s European Financial Stability Facility to fund the future bailouts of ailing eurozone countries. Another case of putting the poacher in charge of the pheasants”

  • Report by Eurostat on the revision of the Greek government deficit and debt figures...What is FedEE?

    The Federation of European Employers (FedEE) is the leading HR think tank for multinational companies operating in Europe. It was founded in 1989 with assistance from the European Commission.

    For further information and comment contact the FedEE Press Office on (UK 0044) (0)207 520 9264 or by email on secretariat(at)fedee(dot)com

    For the original version on PRWeb visit:

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