It appears not even one day can pass without some new and improved indication of Greece's economic collapse. The latest comes from website Kathimerini.gr which discloses that the recently appointed "Committee on the Reliability Of Statistics" has uncovered $40 billion of previously hidden debt (one wonders when America will get a comparable commission: no question we are in dire need of one). A loose Google translation of the data is as follows:
Hidden debt of 40 billion euros revealed the findings of the Committee on the reliability of statistics which has created a Finance Minister Giorgos Papaconstantinou.
The outcome refers to emerging political interference and charged responsibilities in a manner of cooperation of services.
Indeed, the findings indicate that the possibility of political interference is mainly associated with the close relationship of NSS with the Ministry of Finance and the inability of the General Accounting Office to work independently and responsibly.
Lets clear peaks and political responsibility to the inaccurate financial information sent to Giourostat election, noting that the data sent does not correspond to the data were sent to the NSSG various bodies and agencies.
The findings revealed that the "K" from January 21 already sent to the House.
Record the disconnection of the principles, errors in charting of financial data, suggestions for correcting the situation and the political responsibilities that have arisen from time to time.
Greek CDS has immediately gapped on the news of yet another hole that will need plugging with ever more debt. At last check Greece was trading 380/390 and pushing wider. One wonders at what point will investors realize that the deeper they dig, the more dirt they will uncover. It appears this news has not yet spread to the broader equity market, where no volume algos are lifting every offer indiscriminately, while the cash to fund this buying is as always oddly missing.