Saturday, January 26, 2013

Statistics chief fires back at Greek charges

5:39PM GMT 24 Jan 2013

The head of the Greek statistics agency fired back on Thursday against charges that he had deliberately swollen 2009 deficit figures, making life worse for compatriots, by saying that his numbers were respected by EU officials and criticising the Greek justice system.

Politicians in Athens were urged to make the “right decision” and avert the “terrible consequences” of their deadlock as fears of a Greek exit from the euro gripped financial markets.

On its website, Eurostat currently lists the Greek public deficit for 2009 as 15.6 percent of GDP. Photo: BLOOMBERG

Andreas Georgiou, head of the Hellenic Statistical Authority, or Elstat, faces legal action for "false attestation to the detriment of the state" and "violation of duty" for decisions that have led Greek leaders to implement austerity measures that have made life harsh for many.

The former IMF statistician counters that has simply respected "rules and methodology" required by Greece's international creditors and the European Union's statistics arm Eurostat.

Georgiou underscored that since he took over as head of Elstat in August 2010, its data has been "accepted by Eurostat without any reservations", whereas the EU body had serious doubts about official Greek data provided from 2004-2010.

Greece was admitted to the euro zone based on what is now widely accepted to be erroneous data, and its debt crisis erupted in late 2009 when an incoming government released figures that put the public deficit at more than 12 percent of Greece's annual output.

The figure had been estimated by the previous government at 6.0 percent of gross domestic product (GDP), and the difference sent shock waves across the 27-member EU.

 

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On its website, Eurostat currently lists the Greek public deficit for 2009 as 15.6 percent of GDP.

On Thursday, Georgiou said he found it "striking that a criminal prosecution" hadn't been launched for erroneous data when "'Greek statistics' were a constant source of concern for the European and international community" but instead when they had been accepted by Europe.

The statistics chief vowed to "continue to apply the law, despite the adversities" and expressed confidence that the faithful application of European law regarding the production of statistics would be recognised by Greek courts.

Charges against Georgiou are based on accusations by a former Elstat employee, Zoe Georganta.

She maintains that Georgiou approved a significantly higher deficit number to justify a Greek request for financial aid from the EU and IMF, which was granted in exchange for austerity measures and economic reforms that have led to large-scale street protests and violence.

Statistics chief fires back at Greek charges - Telegraph