Peter's Viewpoint

With a newly changed government Greece was caught with their pants down after the EU commission of Economic and Monetary Affairs compared the financial statements submitted by the previous government with that of the latest Eurostat statements.

The country has received a stern warning by the commission because the comparison of the financial information provided by the country shows an increased deficit in the GDP from 5.1% to 12.5% of the Eurostat results equaling approximately 12 billion euros.
The difference gives the impression that the accounting for the country was manipulated by the previous government due to their quick loss of the latest elections and therefore not having the time to adjust record keeping.  12 billion euros is not something that is easily misplaced, nor is it a transposition error.

As a result of this find, the EU commission lead by the commissioner of Economic and Monetary Affairs Joaquín Almunia declared that this was not the first time that this happened and that Greece may be subject to extreme auditing to verify and validate the financial information that they provide to the member states.

On the theory of management, both the EU commission and Greece are examples of why political distrust and fraternization between political management can lead to management failure of duties.  Their examples require complete independence to force cold hard decisions that will produce visible results and protect the hard earned taxes of the citizens.

Contrary to what the report of the commission has the myth that Greece promotes itself as should not exclude leaders from being subject to legal actions committed against the people of Greece as evidenced in the synopsis of this report:

http://europa.eu/rapid/pressReleasesAction.do?reference=IP/05/390&format=HTML&aged=0&language=EN&guiLanguage=en

From past history, it does not appear that the current EU Financial committee is performing their duties.  Here are a few of the reports from prior periods on the Internet that depict their weakness to having establish policies against this behavior and their failure to execute rules that should have prevented this, such as standardized and more frequent EU accounting and reporting for all member states.

Greece improves slightly in international groups annual corruption perception index

Eurostat may take Greece to court over state debt accounting rules

Extracts from the press conference by Joaquín Almunia on stability and convergence programmes and on country-specific budgetary surveillance

The EU has a chance to prove whether it can protect the state citizens if it can put more controls and effective use of government auditing to reduce and prevent corruption that squander the taxes of the people.

As for Greece, it is time that the political parties pay for their sins rather than passing the punishment to the Greek people as they usually do.