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The errors are manifold - Sarkozy: Greece should not have been in the eurozone - Soros: Same goes with Italy

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French President Nicolas Sarkozy has said it had been an error to admit Greece to the eurozone in 2001 but said he was confident the country could emerge from its debt crisis.


George Soros went even further and said that it was wrong that Italy joined too.


Remember those days in Eurostat when we consultants heard these strange rumours about weird meetings with the top people (politicians and fonctionnaires) agreeing on methods to "reduce the debt" to fit Italy in the game. Worse was the case for Greece that had no statistics at the time of joining the Eurozone. Eurostat estimated GDP using partner declaration methods, ie an export from Sweden to Greece was declared as the import from Sweden to Greece, etc. The rest was estimated with portion. Let's say that method covered 80% of imports and exports then just add another 20% and we have 100. We know today that the phony numbers were totally wrong and that it was indeed wrong that Greece, Italy joined and that the interest rate on a Greek bond was not such a bargain if it is just a few pips above (oh, so I buy that Greek one then...) the German bond, as it was at the beginning of the euro...

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