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The Goldman Sachs swaps were way back in 2002. Unless you're referring to something else.

I actually read the Eurostat report on this issue that broke down the bad numbers and the exact audit procedures that produced the validated numbers.

The main point stands however. If Greece had been lying all along, one struggles to understand how 105% debt to GDP rose to ONLY 115% in early 2010.

If they were lying, then the published Eurostat figures showing 100-105% through the decade were wrong, correct? But if they were wrong, how does the Greek debt rise to ONLY 115% with a 15% yearly deficit in 2009? It makes no sense.

I have no doubt the Greek ministries were botching their numbers all along, but Eurostat claims it was conducting audits, and yet even if it wasn't getting to the bottom of things, even if Eurostat was throwing up its hands, it wouldn't explain why/how banks were lending to Greece when the published figures clearly showed 105% debt to GDP for a decade.

by Upstate NY on Sat Nov 26th, 2011 at 09:54:09 PM EST
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