BusinessCompany NewsEU questions Greece’s accounts

EU questions Greece's accounts

The European Commission is preparing legal action against Greece because of question marks over the country's budget accounts.

Link:Greeks top Euro league for tax dishonesty

Joaquin Almunia, the EU’s economic and monetary affairs commissioner, has claimed doubts over the country’s accounts stretch back to 1997, four years before Greece joined the eurozone.

Following the election of a new government in March this year, Athens has admitted that revisions to the country’s accounts showed much bigger deficits than previously reported.

A large part of the costs of hosting the Olympics this summer, social spending and defence procurement had been kept off of the books by use of off-balance sheet loan vehicles.

Budget deficits under the old socialist administration had been predicted to be 1.2% but it is now thought to be nearer 5.3%.

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