Greek Markets Rattled as EU Says Deficit Forecasts ‘Unreliable’ |
| BusinessWeek - Jan 12, 2010 |
Greek stocks and bonds tumbled after the European Commission said “severe irregularities” in the nation’s statistical data leave the accuracy of the European Union’s largest budget deficit in doubt.
The benchmark ASE stock index fell 5 percent, the biggest decline since Dec. 8 when Fitch Ratings cut the country’s credit rating over its budget shortfall and rising debt. Bond declines drove the yield on Greece’s two-year note 27 basis points higher, the most in almost a month.
The report distributed today by the Brussels-based commission came as International Monetary Fund officials arrived in Athens to assist the government in efforts to cut a deficit of 12.7 percent of gross domestic product, more than four times the EU limit. EU President Herman van Rompuy met with Prime Minister George Papandreou in Athens and said Greece was a concern for the entire 27-nation bloc.
Read Full Article from BusinessWeek
- Posted: 2010-01-12 11:54:02
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
