EY Report Concludes Greece has Among the Best Government Financial Reporting in the Eurozone

ATHENS, Greece, Dec. 4, 2017 /PRNewswire/ -- An EY report, disclosed today at the American Hellenic Chamber of Commerce 28^th annual The Greek Economy Conference in Athens, concludes that Greece has among the best government financial reporting in the Eurozone.

The report is titled "Quality and Availability of Information on State's Budget Execution Monthly Reports." The report uses the New Zealand government's reports, which are universally recognized as the best globally, as the benchmark for comparison.  Germany and France were included in the study, given their financial leadership in the Eurozone.  Greece and Portugal were also included in the study given that early research showed both countries to be far more advanced in government monthly reporting than other member states in the Eurozone.

With a potential score of 350, New Zealand confirmed its global leadership with a score of 312.  Greece received an impressive 152 followed by Portugal at 118.  Both Germany and France lagged significantly with scores of 74 and 48, respectively.

The report utilized 34 criteria in four equally weighted scores:  Foundation Criteria Score, Data Disclosures Criteria Score, Quality of Disclosure Criteria Score, and Comparative Data Criteria Score.

Carlos Lobo, Government and Public Sector Leader of EY Portugal, commented that, "monthly reporting is one of the six components of a full system of public financial management (PFM); and both Portugal and Greece have earned leadership roles in the Eurozone on government monthly reporting." 

Paul B. Kazarian, Chairman of the Kazarian Center for Public Financial Management, stated, "We at the Center congratulate both Greece and Portugal on their impressive success in leading the Eurozone in government monthly financial reporting as part of a full system of public financial management (PFM)."

The report was staffed with over ten professionals and required almost six months to complete.  The next stage of the study will be to include the remaining Eurozone countries, which is expected to be concluded in January, 2018.

A summary of the report can be found at www.mostimportantreform.info.  The report was delivered to the Kazarian Center for Public Financial Management based in Lisbon, Portugal. 

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services EY delivers help build trust and confidence in the capital markets and in economies the world over.  EY develops outstanding leaders who team to deliver on their promises to all of their stakeholders. In so doing, EY plays a critical role in building a better working world for its people, for its clients, and for its communities.

The Kazarian Center for Public Financial Management (the Center), based in Lisbon, Portugal, focuses on bringing the best practices of the full system of public financial management (PFM) to governments worldwide and educating citizens on the importance of PFM best practices for both government and their personal finances. The Center was established by the Charles & Agnes Kazarian Foundation.

For more information contact:  Stacy Dimakakos, Public Worldwide [email protected]

SOURCE EY