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European Central Bank Wins Ruling to Deny Access to Secret Greek Swap Files

ECB Wins Ruling to Deny Access to Secret Greek Swap Files
Via » Submitted On Thu, 11/29/2012 - 10:15am by Norman Wolfe

The European Central Bank will be allowed to refuse access to secret files showing how Greece used derivatives to hide its debt after defeating the first court challenge brought under the European Union's freedom of information rules.

Today’s ruling by three judges denies European taxpayers, on the hook for the cost of Greece’s 240 billion-euro ($311 billion) bailout, the opportunity to see whether EU officials knew of irregularities in Greece’s public accounts before they became public in 2009. The decision underscores the ECB’s lack of accountability as it expands its powers to become the euro area’s chief banking regulator, said Georg Erber, a research associate at the German Institute for Economic Research.


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