BUSINESS

ECJ: ECB needn't tell how Greece used derivatives to hide debt

The European Central Bank won’t have to disclose how Greece used derivatives to hide its debt after the European Union’s top court quashed efforts to make the information public.

The European Union Court of Justice, in a February 6 decision, rejected a freedom-of-information request by Bloomberg News to access two internal ECB papers, citing procedural errors.

European taxpayers, bearing the cost of Greece’s 240-billion-euro bailout, won’t learn whether EU officials knew of irregularities in Greece’s public accounts before they became public in 2009.

[Bloomberg]

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