Investigation by Greece to assess the reasons that led to the building up of excessive levels of debt as well as to track any possible irregularity
| 18 March 2015 |
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| Question for written answer to the Commission Rule 130 Notis Marias (ECR) |
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According to Article 7(9) of Regulation (EU) No 472/2013, ‘a Member State subject to a macroeconomic adjustment programme shall carry out a comprehensive audit of its public finances in order, inter alia, to assess the reasons that led to the building up of excessive levels of debt as well as to track any possible irregularity’.
Given that Greece has been severely harmed both economically and socially by the memoranda, which have failed miserably in terms of tackling the debt crisis, the above provision needs to be applied as a matter of urgency and an audit needs to be carried out immediately, in order to evaluate the irregularities and offences that led to the building up of the excessive level of debt in Greece, which currently stands at 175% of GDP, so that the Hellenic Republic can then unilaterally write off the shameful debt that has built up.
In view of the above will the Commission say:
| — | What is its position on this matter? |
| — | Will it support the application of Article 7(9) of Regulation (EU) No 472/2013, as it is obliged to do so in its capacity as the guardian of Union law, if Greece investigates the reasons that led to the building up of excessive levels of debt and tracks any possible irregularity or offence based on that provision? |
Source: European Parliament
| Answer given by Mr Moscovici on behalf of the Commission | |
| The economic adjustment programme for Greece was introduced precisely to address the excessive imbalances which have led, inter alia, to unsustainable public finances, with a deficit to GDP ratio of 15.9% in 2010.An audit and assessment of Greek public finances was performed in the context of the design phase of the programmes, back in 2010 and 2012 for the first and second programmes, respectively. Further analysis of Greece’s public finances and debt levels has continued throughout the duration of the programme.
The Commission supports the commitment of the Greek Government to regularly fulfil all of its financial obligations, and recalls that it is for the Greek authorities to pursue under Greek law any irregularity or offence which was committed in Greece. |
Source: European Parliament
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