IN GREECE – THE PUBLIC FINANCE AND ACCOUNTING ROT GOES DEEP
April 1st, 2013
THE ECONOMIC and social chaos that has riven Greece in the past few years appears at last to be subsiding, but one part of the healing process is accepting want went wrong in the first place – and new revelations do not make encouraging reading.It is of course well known that poor public accounting is one reason why the Greek government and its economy are in trouble – but the extent its economic statistics have been massaged is only just becoming clear. Until October 2009, the country's deficit stood at just 3.7% of GDP, when it was adjusted to 12.5%. The ...
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