Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

French presidential election: Over 40% remain undecided

Read more

EYE ON AFRICA

ICC orders Congo warlord germain Katanga to pay victims

Read more

MEDIAWATCH

Trumpcare Falls Before First Hurdle

Read more

THE WORLD THIS WEEK

Westminster Attack, Abadi in Washington (part 1)

Read more

THE WORLD THIS WEEK

Obamacare, Europe's Unholy Alliances, Martin McGuinness (part 2)

Read more

INSIDE THE AMERICAS

Export bans hit Brazil amid tainted meat scandal

Read more

#TECH 24

Inside Netflix's war room

Read more

FOCUS

French Catholic voters remain faithful to scandal-hit Fillon

Read more

PEOPLE & PROFIT

Growing ambitions: The forces driving India's economy

Read more

Europe

ECB chief Trichet deplores 'intolerable' auditing practises

Text by News Wires

Latest update : 2010-02-15

European bank chief Jean-Claude Trichet (pictured) has slammed Greek officials for “intolerable” auditing practices, saying that using unverified figures "should not have been tolerated."

AFP - European Central Bank President Jean-Claude Trichet on Sunday told debt-ridden Greece to strengthen its audit procedures, saying that using unverified figures "should not have been tolerated."

"Greece must strengthen the verification of its figures," Trichet told RTL radio. Producing badly checked statistics "should not have been tolerated and is intolerable," he added.

The Greek government, elected in October, caused consternation in the 16-nation eurozone when it reported a public deficit of 12.7 percent of gross domestic product for and total debt equal to 113 percent.

This compared with EU norms of three percent and 60 percent, respectively.

Greek's previous Conservative government has been widely claimed for producing unreliable figures.

At a special summit on Thursday, the European Union expressed support for Greece's efforts to rein in its budget deficit and total debt but stopped short of spelling out what it would do exactly to help.

Trichet said he was satisfied by Greek government undertakings to sort its finances out. "These undertakings are enough, they're serious."

"I'm waiting for a Greek recovery plan to be put into action under the surveillance of other European countries," he said when asked about a meeting of EU finance ministers due to start in Brussels on Monday

The ministers are expected to agree a series of exceptional measures aimed at aiding a recovery in Greece where its massive deficit and unreliable economic figures have made it the weakest link for investors in the eurozone.

Amid market fears that other eurozone nations might mirror Greece's crisis, Trichet said, "I have no reason to doubt the sincerity and the transparency of any (European) country."

Date created : 2010-02-15

  • GREECE

    Public sector workers strike in protest at wage cuts

    Read more

  • EU

    European Commission approves Greek austerity plan

    Read more

COMMENT(S)