Greece rattled by ‘hidden debt’ controversy

Greek debt markets have come under fresh assault from hot money funds after a commission of experts in Athens told the country’s parliament that it had uncovered €40bn (£35bn) of “hidden debts” during an investigation into past manipulation by the financial authorities.

Premier George Papandreou said the spike in Greek borrowing costs was “completely unjustified” and lashed out at the rating agencies, which precipitated this crisis by downgrading Greek bonds.

“Greece is at the centre of an unprecedented speculative attack: we cannot be at the mercy of creditors. Despite our tragic mistakes, our fate is today defined by rating agencies that bear responsibility for the ‘bubble’ that led to the global crisis in the first place,” he said.

Telegraph

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