Friday, April 15, 2011

The last thing Athens needs

It would take a dark dark comedian to come up with this one. Greece's bond spread vis-a-vis with Germany at record highs, nobody trusts its restructuring plans, members of its socialist government muttering about default, German Ministers muttering louder, and others suggesting that Greece is only a heartbeat away from civil unrest or public revolt.

So now would be a really good time for this to happen,
The European Commission ordered Greece Friday to repay almost 260 million euros ($375 million) in misused farm payments.

The European Union executive hit Athens with a bill for 137.33 million euros for "ineligible expenditure and major shortcomings" in an olive cultivation programme and weak "on-the-spot controls."
Now repeat after me, nobody could haver known that Greece was cooking the books before joining teh Euro.

It would as Mr Wilde once said, take a heart of stone not to laugh.

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