Greece supplied incorrect financial information in order to join the European Monetary Union - by Matthew Brockett

Greece: European Central Bank President Jean-Claude Trichet said euro-region authorities will never again allow a country to join the monetary union if its fiscal data are inaccurate, as Greece’s were.

“Let me be very clear on this: Never again will we accept budget figures that do not reflect the facts,” Trichet said in an interview with Germany’s Focus magazine, the text of which was published by the ECB today. “Appropriate auditing must always be possible. As early as next month the European Commission will make proposals that will dramatically improve the relevant framework.”

Trichet also said Greece, whose deficit has ballooned to almost 13 percent of gross domestic product, has not respected the Stability and Growth Pact, which calls on members to limit budget shortfalls to 3 percent of GDP.

Greece and other euro- area countries “must do everything they can to put their national finances in order,” he said.

For more - Trichet Says Europe Won’t Accept Greek Example Again (Update1) - BusinessWeek