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Greek Economic Statistics: A Decade of Deceit

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  • Brian Sturgess

Abstract

This paper looks at the recent problems in official Greek economic data on public finances, whose reliability has been impaired by inappropriate accounting methods, the application of poor statistical methods and deliberate misreporting. Data on deficits and debt have been misleading from before Greece’s eurozone entry, but despite a regular supply of public information about the problems, the rating agencies did not respond by downgrading Greek public debt until it was too late. These agencies reacted to, rather than leading, market tends that were already under way. The issue casts doubt on the fitness for purpose of the European Statistical System where the powers of Eurostat, the statistics arm of the European Commission have been inadequate to effectively monitor the fiscal status of eurozone countries. These powers, at present limited by the principle of subsidiarity to administering a Code of Practice, must be strengthened closer to approximating a power of audit.

Suggested Citation

  • Brian Sturgess, 2010. "Greek Economic Statistics: A Decade of Deceit," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 11(2), pages 67-100, April.
  • Handle: RePEc:wej:wldecn:416
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    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=416
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    Cited by:

    1. Mariana Conte Grand, 2016. "GDP-related emission targets weaknesses: the case of Argentina," CEMA Working Papers: Serie Documentos de Trabajo. 599, Universidad del CEMA.
    2. Jamal Ibrahim Haidar, 2012. "Sovereign Credit Risk in the Eurozone," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 13(1), pages 123-136, January.
    3. Ariel Coremberg, 2017. "Argentina Was Not the Productivity and Economic Growth Champion of Latin America," International Productivity Monitor, Centre for the Study of Living Standards, vol. 33, pages 77-90, Fall.
    4. Mariana Conte Grand, 2016. "Different Types of Nationally Determined Contributions to Address Climate Change," CEMA Working Papers: Serie Documentos de Trabajo. 595, Universidad del CEMA.

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