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December 22 (Bloomberg) – Bloomberg News filed a lawsuit against the European Central Bank, trying to do to disclose documents showing how Greece uses derivatives to hide its fiscal deficit and helped trigger the crisis of sovereign debt of the region.

Demand requests General of the European Union in Luxembourg Court to reverse the decision of the ECB not to reveal two internal documents prepared by six members of the Executive Board of the central bank in Frankfurt this year. Notes show how Greece use swaps to hide their loans, according to a March 3 attached to documents obtained by President News.ECB Bloomberg page cover, Jean-Claude Trichet withheld documents of the European Union and International Monetary Fund led a rescue of 110,000 EUR million (US $144 million) for Greece. The dossier should be revealed to prevent Governments reused derivatives that way and show how EU authorities acted on information that had been in swaps, according to demand, presented by Bloomberg LP for finance, the father of Bloomberg News.The EU depends on “taking an open and transparent approach in relation to their levels of debt in the Member States“, Bloomberg said in his costume. “If Greece could not take that approach in the past, there is a compelling public interest in relevant information to disclose.”«A spokesman for the ECB refused to comment on the Greek Government lawsuit.The originally not to reveal the swaps, designed to help you comply with the deficit and debt rules decided to join when it joined the euro in 2001.»Undermine the Confidence’ public Eurostat, the statistical agency of the European Union, said last month swaps added 5.3 million euros to the country’s debt without giving details. “Repeated national Greece starting last year, figures revisions prompted an increase in costs that pushed the country on the verge of default and triggered a whole region interests debt crisis“.the information contained in the two documents would undermine the confidence of the public in carrying out effective economic policy,”wrote in a letter of October 21, Trichet in rejecting the request of Bloomberg for documents.” “Disclosure” bears in the current environment of very vulnerable market, substantial and acute add volatility risk and instability “.Funcionarios first ECB discovered”a swap operation in unusual terms”in April 2009, seven months before the outbreak of the Greek according to the March 3 cover note crisis.”It is not entirely clear what (if anything) the ECB made at that time to investigate more, “Bloomberg entered into a”great”number of private, swaps out of market from 2001 until 2007, based on Eurostat Luxembourg costume says.Greece said in a report on 15 November.” Agreements, which led to the largest debt, were analysed “in detail”, said Eurostat. “A follow-up report on Greek, including swaps data due in weeks, a spokesman said at the time.”Disclosure would help avoid these situations repeating themselves, “said Michael Spence, winner of the Nobel Prize for Economics in 2001 for his research on asymmetric information markets.” “Is a tough call.” “Not everything may be disclosed, but the markets need to know.”

-Publishers: Edward Evans, Steve Bailey.

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