July 20, 2010
"Railroaded"
United Press International on how Hellenic Railways was used as an accounting sleight-of-hand to keep $13 billion hidden:
"Debt-burdened Hellenic Railways in Greece has given the government a cover for billions of dollars of debt, a former chief executive officer said.
The railway, $13 billion in debt, "was an accounting trick, another good way for the government to hide its debt," The New York Times quoted former railway CEO John Mourmouris as saying.
The railroad is one of several state-owned businesses that have allowed Greece to keep a total of $33 billion of debt off of its own books, although it agreed to count these as debt with the European Union and the International Monetary Fund when negotiating for emergency loans, the newspaper said."
Greece's Golden Visa program
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