Tuesday, February 23, 2010

Greece misses key deadline 

This was a shocker.

GREECE HAS missed a deadline to provide EU investigators with full information about currency hedges it made with Goldman Sachs, deals under scrutiny because they may have improperly flattered the country’s public finances.

As Goldman Sachs said the transactions were consistent with the “principles” set out by the EU’s statistical division Eurostat, the European Commission said Greece failed to provide all relevant data before the expiry of a deadline last Friday.

The development comes amid pressure on Athens to prove that it can within 28 days prove its austerity plan is working.
Why would a country under so much scrutiny miss such a critical deadline, one is forced to ask.

“Athens told us that the reason for the delay was partly to do with the four-day strike which affected the ministry of finance,” said a spokesman for EU economics commissioner Olli Rehn.
It's nice to know that even a global deflationary spiral will have its moments of hilarity.


By Anonymous Anonymous, at Tue Feb 23, 09:13:00 AM:

Greece isn't alone in it's incompetence. For example "B" Instapundit today offers up the Obama administration, which tried to raise taxes and redistribute $1.1 trillion dollars, but missed the mark by a mere $3.8 trillion (over ten years). I'm sure the Chinese will be very understanding about the whole thing.  

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