Greece admits breaking rules before joining euro

The Greek Government admitted on Monday (15 November) that it was in breach of the euro rules at the time of joining the single currency.

According to agency reports, Greek finance minister Giorgios Alogoskoufis, said in Athens, "It was proven that for no year, from 1999 on, and afterwards, the deficit had fallen below three percent [of gross domestic product]".

Countries are not permitted to run a budget deficit above three percent of GDP before joining the euro or – in theory ...