Bloomberg sues ECB over Greek notes
Bloomberg News has filed a lawsuit against the European Central Bank (ECB) in an attempt to make it disclose documents showing how Greece used derivatives to hide its fiscal deficit and helped trigger the region’s sovereign debt crisis, it reported yesterday. The lawsuit asks the European Union’s General Court in Luxembourg to overturn a decision by the ECB not to disclose two internal documents drafted for its six-member executive board in Frankfurt this year. The notes show how Greece used swaps to hide its borrowings, according to a March 3 cover page attached to the papers obtained by Bloomberg News. ECB President Jean-Claude Trichet withheld the documents after the European Union and International Monetary Fund decided to provide Greece with a 110-billion-euro bailout package. An ECB spokeswoman declined to comment on the lawsuit.
