Greece's true budget deficit revealed

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• The Ascent of Money whole source · open book

  By using swaps to shift new borrowing off the public balance sheet, the Greek government was able to claim in early 2009 that its deficit the following year would be just 3.7 per cent of GDP. At the end of 2009 the true figure was revealed to be 12.7 per cent

  chapter: 9: From Euro to Ethereum

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