Friday, November 5, 2010

ECB Refuses To Release Information on How Greece Hid Debt

This is why I remain a shocked investor.

The ECB, European Central Bank, refused to disclose internal documents that would show how Greece used derivatives to hide its government debt. The reason: an “acute” risk of roiling markets

Bloomberg reported that its own request - and appeal -  for information was turned down. Some written notes exists that explain to the ECB board members how Greece used swaps to hide its borrowings. At the time, the most susccessful U.S. financial company was suspeted in helping Greece do this.

Mr. Trichet said: “The information contained in the two documents would undermine the public confidence as regards the effective conduct of economic policy,” “bears, in the current very vulnerable market environment, the substantial and acute risk of adding to volatility and instability.”


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