Friday, January 27, 2012


What to make of this?
The German government wants Greece to cede sovereignty over tax and spending decisions to a eurozone “budget commissioner” to secure a second €130bn bail-out, according to a copy of the proposal obtained by the Financial Times. 
In what would amount to an extraordinary extension of European Union control over a member state, the new commissioner would have the power to veto budget decisions taken by the Greek government if they were not in line with targets set by international lenders. The new administrator, appointed by other eurozone finance ministers, would take responsibility for overseeing “all major blocks of expenditure” by the Greek government. 
... Athens would also be forced to adopt a law permanently committing state revenues to debt service “first and foremost”.
What next? Gunboats?

Hat tip Shuggy


eamonnmcdonagh said...

No sure if it's true but they say a Hungarian economics prof. is already doing this job on behalf of the EU in Ireland

Dipper said...

its like boiling a frog. (If you put a frog in cold water and slowly boil it, it doesn't notice. Allegedly)