False Statistical Data to Greece to Resolve the Debt Crisis in Europe

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(PC inspector cheap toronto file recovery) Devastated Europe in the sovereign debt crisis, the Greek statistical data due to false and have been punished in the market, becomes an important reason for the worsening of the crisis, which also provided an awakening to the EU. (PC inspector cheap toronto file recovery)

Consequences of false taste of the Greeks

Last year in October, led by current Prime Minister of Greece, George Papandreou, will the new government took office, announced an explosive message: Greek 2009 budget deficit to reach 12.7% of GDP instead of the prediction previous government’s 5%. The new rule announced by the European Union’s deficit, “Stability and Growth Pact” to allow the 3% limit of four times.

Until after the election, the financial situation deteriorated to the point of the greek government statistics began to greet people with eye problems wrong. The so-called ice three feet thick, cold day. Not such a huge financial hole formation in the short term, the old and the new government’s forecast is not much difference to the statistical error can explain the only explanation can be only by the previous government to hide the truth.

Eurostat said that earlier he had received reports of the Greek statistical service, Eurostat said the financial data submitted, subject to political interference, the Greek government to provide a range of statistical data that is “deliberately false.”

Given the sudden deterioration of the economic situation in Greece, the S & P and Fitch and other international credit rating agencies are reduced in December last year, the credit of the government greek, the greek government’s financing costs climbing , which started the prelude of a debt crisis. Since then, Greece has become the “intensive care”, based on the euro-zone countries and the bailout of the International Monetary Fund debt relief only to the extent the risk of default.

Greece to join the euro so once in the hands of financial information, and even hired a Wall Street financial giant Goldman Sachs, the “personal,” he slammed the partners through complex transactions to hide the true budget deficit and public debt.

fraud scandal worsened the crisis

When the acceleration of the debt crisis, Greece, Spain and its influence gradually extended to other euro zone countries held a formal debt crisis in Europe since 1999, the euro, before the more severe test after birth. Behind the crisis worsens, the Greek statistical information is important for the scourge of fraud can be said.

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Greece repeated false confidence of market data, which were difficult to heal wounds. Although the Greek leaders have repeatedly stressed that Greece does not need external help, nor will there be default of the debt, the EU has repeatedly propaganda, even behind the greek, but still fails to convince investors. In contrast, Greece is obliged to worry about default continues to ferment, thus increasing the financial cost of the greek government, the final despair, had to ask for help from the EU.

In addition, the debt crisis began to spread in Greece, where in Spain and other sensitive “infection” of the euro zone countries are willing to draw a line and Greece, but were a major reason he did not like Greece Statistics of hands and feet made of the data, so credit is guaranteed.

In fact, created the euro area in line with the idea when, if members of the region, in violation of fiscal discipline would be excessive deficit has been worth on the market as a worsening financial situation will lead to Financing costs rose in the country, with the invisible hand of the market to ensure that appropriate members of the corrective measures in time, but this ideal model has missed the point that the market should be able to know the truth.

Reflections on the EU for many years, leads to control

It now seems that Greece is not an opportunity of false statistics, but it was kept in the dark, it should increase to reflect.

monitoring system of the EU for many years exposed serious gaps in statistical systems. Luxembourg-based Eurostat, the EU statistical office was responsible for the lead agency, has been the source of its mandate limited to a sort of data from Member States and the European Commission to present these data to support the implementation of EU policies, but not the authenticity of the data the right to intervene.

Similarly, after the Greeks, the other EU countries, Bulgaria has also exposed the scandal of false statistics. Exactly the same, and Greece, Bulgaria, the new government came to power in April last year, multiply the estimated deficit.

The debt crisis, the EU-depth education on the part of European economic integration in the Member States, increasingly close economic ties between the emergence of losses on both sides, or welfare of the situation. In order to avoid similar crises in the EU started to strengthen fiscal discipline, but must be subject to reliable statistics, if not prevent Member States from the system of “false accounting”, then re-strict budgetary discipline is useless.

When the debt crisis, an important reform that the EU has recently passed legislation, Member States decided to adopt the Eurostat statistics on the powers of control, strengthening the role of Eurostat, the Member States, the financial information to monitor more closely the early detection of data problems.

Too late, too late to correct. Hope that the reform of EU Member States to move to tie the hands of statistical fraud, lying to avoid a “baby sheep” second love appears.

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