Greece to be a Colony of the EU instead of an Equal Member ?
Remember, you heard it here first, several weeks ago, subtle comments from the German, not from Chancellor Merkel but other officials, started rumblings about EU control of the Greek budget and an overseer, a commissioner as they put it. Who would have the final approval on all Greek bugetary changes. He would not involved in the running of the government, or in political issues, just in financial matters. Which any businessman can tell you is more important then any policitical decision. In essence this EU commissioner would have more power then the Prime Minister.
This matter did not go over well with the Greeks, but behind the scenes, German ministers have been pushing the EU and the ECB to mandate oversight and control.
The eurozone has told Greece it must accept tough Euoversight if it is to unlock a stalled bailout next week and avoid a messy default, despite meeting key hurdles at Wednesday night talks.
A statement from Eurogroup chair Jean-Claude Juncker after a recent conference, during which hardline finance ministers demanded rigid oversight of Greek state revenues and expenditure, avoided any direct mention of the disputed €230 billion rescue.
Instead, following a day of fraying tempers in the months-long tug-of-war, the Luxembourg prime minister said only that he was confident his colleagues could take all the necessary decisions on Monday, when they next meet face-to-face in Brussels.
With the clock running down on a €14.5 billion bond repayments deadline for the Greek government on March 20, the euro lost ground against the dollar for a fourth straight day and US markets also ended trading down.
The temperature had risen early in the day when German Finance Minister Wolfgang Schaeuble warned: We can help but we are not going to pour money into a bottomless pit.
Hit with mounting conditions to obtain loans first promised in October, Greek Finance Minister Evangelos Venizelos told his citizens that several of his adversaries no longer want us in the currency area.
Juncker credited Greece with delivering on three conditions laid down at ministers' last gathering six days earlier.
Greek coalition leaders had given strong assurances that austerity and reform would be upheld by whoever wins an April general election, he said, while foreign auditors provided an analysis of Greek debt sustainability and Athens identified an extra €325 million in cuts.
In a letter demanded by eurozone partners, Greek Conservative leader Antonis Samaras, tipped to win, said his party would remain committed to the objectives, targets and key policies identified by a so-called troika running a first bailout begun nearly two years ago.
But the conditions Greece must meet for revamped aid are still mounting.
Bailout chiefs in Athens were already working to set up an escrow, or blocked account, that would prioritise governmental creditors, a senior eurozone governmental stated.
The EU and the ECB keep beating up on Greece and demanding they give up sovereignty and control of their own country, finances and citizens. Will this become the first EU state or perhaps a part of Germany. An EU colony, not a bad idea.