Maybe the "real" Greece's deficit will be (much) bigger when all the derivatives mature. Another courtesy of Goldman Sachs!!! see link below: http://www.spiegel.de/international/europe/0,1518,676634,00.html
As long as CDS are kicking around, this is possible with anybody... countries, cities, municipalities, Corporations, etc...
Very true. One can only wonders how much is hidden (countries, cites, states, etc.). However, Greece is under scrutiny now, and look, there are some news that they already "revisioned" their 2009 deficit from about 12% to 16% of gdp. Don't know much about the source reliability, but (if true) this sounds scary: http://www.istockanalyst.com/article/viewarticle/articleid/3853503
If this chicanery by Greece is proven, I wonder if the EU will have the resolve to boot Greece out of the EU?