Bloomberg Sues ECB to Force Disclosure of How Greece’s Swaps Hide Deficit

Article published on Dec. 23, 2010
community published
Article published on Dec. 23, 2010
Bloomberg News filed a lawsuit against the European Central Bank, seeking to make it disclose documents showing how Greece used derivatives to hide its fiscal deficit and helped trigger the region’s sovereign debt crisis.

bloomberg.jpgThe lawsuit asks the European Union’s General Court in Luxembourg to overturn a decision by the ECB not to disclose two internal documents drafted for the central bank’s six-member executive board in Frankfurt this year. The notes show how Greece used swaps to hide its borrowings, according to a March 3 cover page attached to the papers obtained by Bloomberg News. ...

Why no European or Greek politician did not have the courage (read guts) to do that? comment...

source: Bloomberg