Greek bailout terms to give eurozone vast powers over policymaking

As predicted here for years, Greece will become the vassal state of a German-dominated Europe ran through the Troika. All roads lead to Berlin and its Fourth Reich. In the medium-term, look for more nations to be subjugated like Cyprus and Greece. They will be destroyed and rebuilt in order to form a United States of Europe.

 

The Greek government is to surrender powers over vast areas of economic and social policymaking to its eurozone creditors under draconian terms agreed for a new three-year bailout.

The 29 pages of conditions concede ultimate authority over much of Greek policymaking to the eurozone and establish a system of quarterly reviews of the reforms by the troika of institutions – the European commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) – representing the creditors.

The document says: “The [Greek] government commits to consult and agree with the European commission, the European Central Bank and the International Monetary Fund on all actions relevant for the achievement of the objectives of the memorandum of understanding before these are finalised and legally adopted.”

The terms for the bailout – worth €85bn (£61bn) according to a senior EU source – foresee a radical overhaul of the Greek economy, stipulating major reforms of health, welfare, pensions and taxation systems, alongside more ambitious privatisation schemes. It also awards the troika decisive influence over reforms of the struggling banking sector.

Greece’s prime minister, Alexis Tsipras, said he expected the agreement to be approved by EU states and creditors, followed by a vote in the Athens parliament on Thursday. He said: “I am and remain confident that we will succeed in reaching a deal and loan support … that will end economic uncertainty.”

Tsipras said certain EU states had a “hidden plan to reshape the eurozone using Greece as the excuse”. In an apparent swipe at Germany, which said on Wednesday that it needed more time to comb through the bailout terms, he added: “Greece will not give them the excuse.”

The document states: “No unilateral fiscal or other policy actions will be taken by the [Greek] authorities. All measures, legislative or otherwise, taken during the programme period, which may have an impact on banks’ operations, solvency, liquidity or asset quality should be taken in close consultation [with the troika].”

According to the document, external consultants are to be sent in to advise Greece’s national bank on bad debts and asset management, while the board of the Greek authority dealing with banking revival is to be co-appointed by the troika to counter suspected cronyism and “political interference”.

Full article: Greek bailout terms to give eurozone vast powers over policymaking (The Guardian)

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