In presenting his 2010 budget to Parliament, Giorgos Papakonstantinou did not mince his words. The Greek finance minister said the "state of emergency we have a deficit of nearly 30 billion and a debt estimated at 300 billion euros," he said. The economy is close to insolvency and sow confusion in the eurozone weakened by diving the Dubai Financial Market. The Greek accounts and their calculation are the heart of a new controversy. The Conservative government announced a deficit of 6% of GDP in 2009, but the new Socialist government, in power for two months, shows the double, or 12.7%.
Worried about the "serious discrepancy in the figures," Joaquin Almunia, Commissioner for Economic Affairs, has requested an investigation and sent an investigative team of Eurostat in Athens to monitor these statistics.Accused of makeup accounts several times, including to join the eurozone, Greece must redeem himself credibility. "If this continues, Greece will be the first European country to come under control of monthly accounts by Brussels," Giannis said Stournaras, director of economic research and industrial applications. "The first thing that the National Statistical become an independent state, for it provides real data on the country," says he.
Four ann?espour meet Maastricht
Today, Greece records the credit rating the lowest in the entire euro area, banks are over-indebted and its debt – which exceeds 100% of GDP – reflects a country on the brink of bankruptcy. This threat, according to some European experts to seriously disrupt the functioning of the euro area.As evidenced by the funding gap between Greece and Germany, the first borrowing almost 5% in ten years, where Berlin is practicing a rate of only 3.25%.
The panic is palpable in the words of Minister of Finance. Placed between the anvil and the hammer of campaign promises and actuarial and increased pressure from Brussels, the Greek authorities are trying to save time and announced drastic measures: freezing all wages in the public service more than 2 000, brake immediate recruitment and pension reform are priorities. Moreover, the government is considering imposing heritage property of the powerful Church of Greece, not separate from the State and who, despite his fierce opposition is expected to contribute 600 000.
In a global context of worst, the Minister of Finance wants but reassuring.If he takes very seriously the threat of exclusion of countries in the euro area, there's no hurry: "There is no indication that the plans in the European Treaty, we must calm the game and give us time, "said one expert close to the minister. At the meeting of the Eurogroup, today, Giorgos Papakonstantinou require a period of four years to reduce the country's deficit below the ceiling of 3% of GDP, imposed by the Maastricht criteria.