Greek Numerals
One of the many unsettling aspects of the ongoing EU-IMF rescue of Greece is the questionable reliability of that country’s economic data. To a large extent, international officials monitoring Greece’s compliance remain dependent on the national government for data on tax receipts, currency reserves, government spending, etc. During past crises, the IMF has sometimes been ...
One of the many unsettling aspects of the ongoing EU-IMF rescue of Greece is the questionable reliability of that country's economic data. To a large extent, international officials monitoring Greece's compliance remain dependent on the national government for data on tax receipts, currency reserves, government spending, etc. During past crises, the IMF has sometimes been startled by the inadequacy of national data collection and the unwillingness of countries to fully open their books. As Paul Blustein recounted in his history of the Asian financial crisis, for several critical weeks Thai officials withheld information on the state of the national reserves.
One of the many unsettling aspects of the ongoing EU-IMF rescue of Greece is the questionable reliability of that country’s economic data. To a large extent, international officials monitoring Greece’s compliance remain dependent on the national government for data on tax receipts, currency reserves, government spending, etc. During past crises, the IMF has sometimes been startled by the inadequacy of national data collection and the unwillingness of countries to fully open their books. As Paul Blustein recounted in his history of the Asian financial crisis, for several critical weeks Thai officials withheld information on the state of the national reserves.
Greece’s own recent track record is not confidence inspiring. After Greece’s deficit was radically underreported last year, an IMF staff report blamed both "political interference" and "serious institutional shortcomings." (For some new information on the scale of that earlier misreporting, see here.) The country’s history of producing dodgy data extends back for years.
They are plenty of extra eyes on the Greek books now, and the parliament created a new, independent national statistical office headed by solid experts. But the recent IMF decision to open an office in Athens is a sign that the Fund wants even better access to the raw data.
David Bosco is a professor at Indiana University’s Hamilton Lugar School of Global and International Studies. He is the author of The Poseidon Project: The Struggle to Govern the World’s Oceans. Twitter: @multilateralist
More from Foreign Policy
Can Russia Get Used to Being China’s Little Brother?
The power dynamic between Beijing and Moscow has switched dramatically.
Xi and Putin Have the Most Consequential Undeclared Alliance in the World
It’s become more important than Washington’s official alliances today.
It’s a New Great Game. Again.
Across Central Asia, Russia’s brand is tainted by Ukraine, China’s got challenges, and Washington senses another opening.
Iraqi Kurdistan’s House of Cards Is Collapsing
The region once seemed a bright spot in the disorder unleashed by U.S. regime change. Today, things look bleak.
Sign up for World Brief
FP’s flagship evening newsletter guiding you through the most important world stories of the day. Delivered weekdays.
By submitting your email, you agree to the Privacy Policy and Terms of Use and to receive email correspondence from us. You may opt out at any time.
