Greece budget watchdog warns ‘debt is out of control’

Friday, September 2, 2011
By Paul Martin

The Greek finance ministry went on the defensive after a new budget watchdog released an internal report warning that debt was “out of control”.

AFP
Telegraph.co.uk
01 Sep 2011

The Greek finance ministry went on the defensive after a new budget watchdog released an internal report warning that debt was “out of control”.
Evangelos Venizelos, the Finance Minister who earlier this week had to explain to auditors from the EU, ECB and IMF why the debt-laden country had missed targets, put the report down to inexperience.
He said in a statement: “All responsible international organisations know in which way macroeconomic and fiscal reports are compiled, checked and published. It is clear that the budget office still lacks this knowledge, experience and responsibility.”

The report warned that the dynamic of Greece’s enormous debt is “out of control” and said slippage on meeting deficit targets, exacerbated by a deep recession, threatened to cancel out the benefits of a new EU bailout.
Eurozone leaders approved a new €109bn bailout for Greece in July to save the country from bankruptcy, with the private sector providing another €50bn.

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