Greece reporting false statistics

(EUobserver.com) EU report slams Greece over false statistics
A report published by the European Commission on Tuesday (12 January) has condemned Greece for falsifying its data on public finances.

Written up at the behest of EU finance ministers, the document talks of "deliberate misreporting of figures by the Greek authorities in 2009."

The country's newly elected Socialist government upwardly revised its 2009 deficit forecast last October from 3.7 to 12.5 percent, a considerable change that prompted credit rating downgrades and outrage in other EU member states.
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The document continues that the Greek data is so unreliable that actual debt and deficit figures could be even higher than the revised forecast.

In a damning paragraph, the commission says: "poor co-operation and lack of clear responsibilities between several Greek institutions and services  ...ambiguous empowerment of officials, absence of written instruction and documentation, which leave the quality of fiscal statistics subject to political pressures and electoral cycles".

As if only the Greeks were reporting false statistics though ;-)

So far, among other things, Greece is on the verge of collapse, major corporation like Alcoa, Chevron, Société Générale, Electronics Arts have warned on their profits, LatAm is about to implode, the States and cities of the USA are about to declare bankruptcy, but the markets are still at a 12 months (white powder) high.