30 June 2010 THE ODYSSEY OF GREEK PUBLIC FINANCE STATISTICS a serious communication issue Tim Allen, Head of Press Office, Eurostat

THE ODYSSEY OF GREEK PUBLIC FINANCE STATISTICS 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)

THE ODYSSEY OF GREEK PUBLIC FINANCE STATISTICS

A long history… Eurostat reservations on Greek data since 2002 Significant revisions in 2004 Eurostat 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 revised Eurostat given (some) additional powers in 2005… …but continued to express reservations… …and visited Greece more often than any other MS

THE ODYSSEY OF GREEK PUBLIC FINANCE STATISTICS

Four key events What we wanted to communicate What methods we used What the media did What were the results

THE ODYSSEY OF GREEK PUBLIC FINANCE STATISTICS

22 October 2009 – 2 nd 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…

THE ODYSSEY OF GREEK PUBLIC FINANCE STATISTICS 8 th January 2010 – Report Report on Greek government deficit and debt statistics Questions, requests for interview Greek TV, German TV

THE ODYSSEY OF GREEK PUBLIC FINANCE STATISTICS

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

THE ODYSSEY OF GREEK PUBLIC FINANCE STATISTICS

22 April 2010 – 1 st notification for 2009 Continued Greek reservation Technical Briefing Immediate effect More interview requests

THE ODYSSEY OF GREEK PUBLIC FINANCE STATISTICS Today… Questions continue: –New powers? –Greece? –Swaps operation? –Bulgaria? –Hungary?

THE ODYSSEY OF GREEK PUBLIC FINANCE STATISTICS