Commission criticises cover-up of national deficits

Monetary affairs commissioner Joaquin Almunia has accused national governments of using "tricks" to artificially cut budgetary deficits, as member states try to be seen to be following the eurozone's rules.

In an interview with the Financial Times on Thursday (6 October), Joaquin Almunia claims member states use the help of commercial banks to disguise the real figures, suggesting "They (the banks) say: you can use these techniques, in order to decrease the public deficit, without cutti...