THE ODYSSEY OF GREEK PUBLIC FINANCE STATISTICS

a serious communication issue

Tim Allen, Head of Press Office, Eurostat

The background

Government deficit and debt data

Maastricht criteria: deficit <3%, debt <60% of GDP

Notified by EU Member States to Eurostat…

…and published in a News Release in April and October

Used in Excessive Deficit Procedure (EDP)

A long history…

Eurostat reservations on Greek data since 2002Significant revisions in 2004Eurostat report to Council in November 2004• “The reliability of Greek deficit and debt statistics has been the object of

particular attention by Eurostat in the past. Statistical issues in this field were debated with the Greek statistical authorities far more frequently than with any other Member State. Eurostat was forced to introduce several times footnotes about reservations on the quality of Greek debt and deficit figures.”

• Greek data for 1997-2003 revised

Eurostat given (some) additional powers in 2005……but continued to express reservations……and visited Greece more often than any other MS

Four key events

What we wanted to communicate

What methods we used

What the media did

What were the results

22 October 2009 – 2nd notification for 2008

New tables on government support to financial institutions

Technical Briefing

Tables well received

Greek reservation met with limited surprise, but Greece also revised 2009 forecast…

8th January 2010 – Report

Report on Greek government deficit and debt statistics

Questions, requests for interview

Greek TV, German TV

February 2010 – Goldman Sachs swap deal

Media asked questions

Eurostat didn’t know about deal

LOTS of questions / interview requests

Info note on website, sent to agencies

Few interviews, lots blocked

22 April 2010 – 1st notification for 2009

Continued Greek reservation

Technical Briefing

Immediate effect

More interview requests

Today…

Questions continue:– New powers?– Greece?– Swaps operation?– Bulgaria?– Hungary?