This week, Bloomberg responded to a filing made by the European Central Bank on May 13, 2011 asking the court to block the disclosure of Greek swap information, citing risk to the market.  

In a Wall Street Journal op-ed, Bloomberg News Editor-in-Chief Matthew Winkler talks about our lawsuit against the ECB to release documents showing how “Greece used secretive financial instruments in the family of derivatives to paper over burgeoning and undisclosed indebtedness from the central bank—a pattern of obscure financing spanning at least half a decade.”

Excerpts from the piece below, or if you are a WSJ subscriber, you can view it online.

“The European Central Bank allowed itself to be deceived by a default in the making and now refuses to share with the taxpaying citizens it represents the details of the deception. Secret and opaque financing got Europe into a mess that can only be resolved by the transparency of full disclosure.”

Euro sign at Gallusanlage with European Central
Bank bldg in Frankfurt, Hesse, Germany

“At a time when European governments and private investors are being asked to contribute to another bailout for Greece, the ECB’s secrecy leaves unanswered questions. Money flees secrecy, and opacity engenders suspicion among investors and the public.”

“The ECB owes a full accounting to member countries and taxpayers whose money has propped up Greece and may yet be used to support other EU countries. Transparency on this issue is the only way we can make sure a debt crisis never again becomes contagious.”

 

 

Ty Trippet runs communications for Bloomberg News and Media Group