The deplorable state of EU government finances was laid bare on Thursday (22 April), following the release of 2009 budget deficit figures by the EU's statistics agency, Eurostat.
Greece's deficit was shown to have reached 13.6 percent of GDP for the year, considerably higher that the previous 12.7 percent forecast, sending the country's borrowing costs skyward and prompting a new credit rating downgrade from the Moody's credit rating agency.
EU officials said the Greek deficit c...
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