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Snippet: Greece use of derivatives puts more pressure on euro

17 Feb.

The euro slid close to a nine-month low against the dollar yesterday as investors became increasingly nervous over reports that Greece used derivatives to disguise the size of its debts before joining the single currency.

As eurozone ministers met in Brussels last night for talks over the Greek debt crisis, ahead of the Eurogroup meeting of finance ministers from across the European Union today, the EU asked Greek authorities to explain suggestions that they had used derivatives trades with American investment banks to allow them to meet the stringent criteria for joining the euro in 2001.

George Papaconstantinou, the Greek Finance Minister, dismissed claims that the Greek Government had done anything wrong, saying that the trades had been legal at the time.



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