Greek deficits were under-reported

An investigation by Eurostat concluded on Monday 15 November that Greece had broken the three per cent of GDP deficit ceiling for membership of the Euro every year since 1997.

Greek officials had admitted in September that their calculations from 2000 to 2002 were inaccurate, but these latest findings show that if the true figures had been known Greece might not have been admitted to the eurozone.

Joaquin Almunia, the EU commissioner for economic and monetary affairs, was quick to point out tha