Greek government off-balance sheet debt
The New York Times has revealed Greece’s use of off balance sheet debt, but misses an important implication in its analysis.
Greece had a greater motive to keep debt off its balance sheet in order to meet European deficit rules. As it has successfully avoided sticking to the rules, as have other countries the rules are clearly unenforceable, which seriously undermines the viability of the Euro.
The Euro is an interesting experiment: can monetary union work without full political union?
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