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<blockquote data-quote="klein" data-source="post: 726797" data-attributes="member: 23950"><p>The <a href="http://topics.nytimes.com/top/reference/timestopics/organizations/e/european_central_bank/index.html?inline=nyt-org" target="_blank"><span style="color: #004276">European Central Bank</span></a> expressed concern about Greek finances as early as 2000, noting in a report that Greece’s total debt was far above the prescribed limit. </p><p>Still, Athens kept up the pressure to be admitted in time for the introduction of euro notes and coins in 2002. Mr. Simitis, who had taught at a German university in the 1970s, adroitly lobbied German politicians and bankers, mindful of their resistance. </p><p>In the end, Greece joined a year earlier than expected, in January 2001. It had — on paper — slashed its budget deficit. And, while it had not reduced its debt enough, it invoked the precedents of other countries, like Italy and Belgium, that had been allowed in despite breaching the limit. The political imperative of keeping the euro on track silenced any critics. </p><p>“At the time there were clear indications that the Greeks were forging the data, especially data on deficits to make their public finance situation look more benign than it really was,” said Jürgen von Hagen, professor of economics at the University of Bonn. “But European governments did not want to pay attention. For political reasons they wanted Greece in.” </p><p> </p><p>By 2004, it was clear that the Greek economic data was faulty. The European Union opened its first investigation into Greece’s deficit. Despite evidence compiled by Eurostat, the union’s official statistics agency, that Athens had fudged its numbers, European officials made clear that ejecting Greece from the euro zone was not an option. </p><p> </p><p><a href="http://www.nytimes.com/2010/05/05/business/global/05iht-greece.html?pagewanted=2" target="_blank">http://www.nytimes.com/2010/05/05/business/global/05iht-greece.html?pagewanted=2</a></p></blockquote><p></p>
[QUOTE="klein, post: 726797, member: 23950"] The [URL="http://topics.nytimes.com/top/reference/timestopics/organizations/e/european_central_bank/index.html?inline=nyt-org"][COLOR=#004276]European Central Bank[/COLOR][/URL] expressed concern about Greek finances as early as 2000, noting in a report that Greece’s total debt was far above the prescribed limit. Still, Athens kept up the pressure to be admitted in time for the introduction of euro notes and coins in 2002. Mr. Simitis, who had taught at a German university in the 1970s, adroitly lobbied German politicians and bankers, mindful of their resistance. In the end, Greece joined a year earlier than expected, in January 2001. It had — on paper — slashed its budget deficit. And, while it had not reduced its debt enough, it invoked the precedents of other countries, like Italy and Belgium, that had been allowed in despite breaching the limit. The political imperative of keeping the euro on track silenced any critics. “At the time there were clear indications that the Greeks were forging the data, especially data on deficits to make their public finance situation look more benign than it really was,” said Jürgen von Hagen, professor of economics at the University of Bonn. “But European governments did not want to pay attention. For political reasons they wanted Greece in.” By 2004, it was clear that the Greek economic data was faulty. The European Union opened its first investigation into Greece’s deficit. Despite evidence compiled by Eurostat, the union’s official statistics agency, that Athens had fudged its numbers, European officials made clear that ejecting Greece from the euro zone was not an option. [URL]http://www.nytimes.com/2010/05/05/business/global/05iht-greece.html?pagewanted=2[/URL] [/QUOTE]
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