EU Court Rules for ECB, Against Bloomberg News

21 February 2014

The European Union Court of Justice in a Feb. 6 decision rejected an appeal of a lower court decision saying the European Central Bank does not need to disclose its reports on how Greece used derivatives to hide its debt.

The suit was brought in December 2010 by Bloomberg News.

“European taxpayers, bearing the cost of Greece’s 240 billion-euro ($329 billion) bailout, won’t learn whether EU officials knew of irregularities in Greece’s public accounts before they became public in 2009,” according to a Bloomberg story on the ruling.

Bloomberg News Editor-in-Chief Matthew Winkler said, “We are disappointed with the court’s ruling and we will continue our work to bring more transparency to markets in Europe and around the world.”

A lower EU court in 2012 rejected the disclosure request, but the Union Court did not get into the merits of the disclosure request, instead finding fault with Bloomberg’s appeal.

The higher court found no ground for an appeal arguments, saying they “do not contain any particulars as to the paragraphs of the judgment under appeal that are allegedly vitiated by an error of law, nor arguments to establish in what respect the General Court made such an error.”

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