Swaps May Have Masked Greece’s Debt

11 Feb 2010

The Greek government may have covered up the true extent of its deficit by using cross currency swaps to circumvent the European Union’s and Maastricht rules on the matter.

The Greek government may have covered up the true extent of its deficit by using cross currency swaps to circumvent the European Union’s and Maastricht rules on the matter. Under Maastricht, a government cannot exceed a budget deficit limit of 3% of gross domestic product and government debt ...

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