02-12-2004, 02:04 AM
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#2 (permalink)
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Administrator
Join Date: Sep 2004
Location: Long Ashton, Bristol
Posts: 10,315
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http://www.timesonline.co.uk/newspap...383794,00.html
Quote:
GREECE fiddled its way INTO phpbb_the European single currency and should not have been allowed to join, according to the European Commission and other members of the euro.
In the most embarrassing episode yet to hit the EU’s flagship project, the European Commission started legal action against Greece for “vast discrepancies” in its accounts over a seven-year period.
Revised data show that the country’s finances were in such poor shape that it broke the public borrowing rules every year and has still not met the euro entry criteria. A European Commission spokeswoman said: “It is clear that Greece would not have joined the euro with the figures we have now.”
A spokesman for a leading euro member said: “In international relations, there is a principle of acting in good faith. We should have been more vigilant — and we will be in future.” A spokesman for another euro member state said: “Greece should never have joined, but what can you do? This is terribly embarrassing. It’s definitely damaging confidence in the euro.”
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