The ruling
The public would not be allowed to know how Greece concealed its large debts, nor what the European Central Bank (ECB) knew about it, because disclosure would undermine confidence in economic policy. That was the message from the General Court of the EU — formally the Court of First Instance.
"A mockery"
Critics said the ruling made a mockery of ECB President Mario Draghi's statement, made in October, that his bank was "very transparent" — a point made all the more pointed as the ECB prepared to receive new powers to regulate banks.
The documents at issue
The documents that remained secret were believed to show how Greece made its economy look better than it actually was by providing false securities — assets that were supposed to offer a guarantee. The court held that even if the data offered only a "snapshot" of the situation in spring 2010, and the information was outdated by the time of the case, disclosure could still be withheld.
Reaction
Commenting to Bloomberg, Oliver Hoedeman of Corporate Europe Observatory, a Brussels-based lobbying watchdog, called it a very disturbing ruling.
Frequently asked questions
What did the EU court decide?
That documents held by the ECB relating to how Greece concealed its debts could remain confidential, on the grounds that disclosure would undermine confidence in economic policy.
Why was the decision controversial?
Because it appeared to sit awkwardly with the ECB's public claims of transparency, especially as the bank was about to take on new bank-supervision powers. Related: News agency picks a fight about ECB secrets.