BusinessCompany NewsGreece admits faulty budget figures

Greece admits faulty budget figures

Greece has admitted for the first time that it signed up to the euro on the basis of faulty Budget figures.

Link: EU questions Greece’s accounts

Rumours have circulated for months that Greece may have broken European rules – Eurozone countries are expected to have deficits below three per cent of their gross domestic product.

Reports suggest the figure was more like 3.38%. Greece had previously claimed their deficits were below 3% in 1999. These figures were used as the basis for it to join the euro in 2001.

‘It has been proven that Greece’s budget deficit never fell below 3% since 1999,’ finance minister George Alogoskoufis admitted on Monday.

Greece’s membership of the single currency is not thought to be under threat. However, European Union Finance ministers are expected to discuss the threat of legal and financial action against Greece.

France and Germany have also previously defied the 3% limit.

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