Greece misses EU deadline to explain debt-hiding tricks

<?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Greece failed to reply to the European Union (EU) by Friday on its alleged collusion with Wall Street banks to reduce deficit figures because of strikes, the European Commission said on Feb 22.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

"Eurostat has received some information, but not all relevant information yet from Greek authorities, and of course we expect to receive it very soon," commission spokesman Amadeu Altafaj said at a daily press conference in Brussels.

"The Greek authorities told us the delay is partly due to the four-day strike which has also affected the finance ministry," he added.

The EU demanded Athens to explain by Friday after the New York Times and Financial Times reported that major Wall Street investment banks, including Goldman Sachs, had helped Greece as early as in 2001 hide its overshooting deficits from the EU through complex financial operations.

The Greek government had said the schemes were legal at that time.