EU might look beyond Greece for deals that hide deficit

02/17/2010 | EUObserver (Brussels)

Worried that Greece might not have been alone in using complex derivatives to conceal its budget deficit, EU officials said they might investigate whether other member states did the same. "Greece was not the only country using them," Greek Finance Minister George Papaconstantinou said. If it appears rules were violated by investment banks that put together such transactions, the banks will be investigated as well, said EU Economy Commissioner Olli Rehn.

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