The Greeks are not going to cop this, they'll be up in arms. Germany is pushing Greece to give up control over how it frames its budgets as part of the newest terms of its second bailout. In other words, other countries like Germany will run Greece.
According to this exclusive Reuters report, there's a proposal that EU institutions already operating in Greece should be given "certain decision-making powers" in handling the country's finances, adding that reforms "could be carried out even more stringently through external expertise."
Greece has balked at the unending austerity measures that Europe has imposed in exchange for the bailout, yet with a sharply contracting economy it mightn't have a choice.
The Financial Times has obtained a document proposing that a new commissioner, appointed by Eurozone finance ministers, 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 and would take responsibility for overseeing "all major blocks of expenditure" by the Greek government. "Budget consolidation has to be put under a strict steering and control system," the proposal reads. "Given the disappointing compliance so far, Greece has to accept shifting budgetary sovereignty to the European level for a certain period of time."
If that happens, Greece's sovereignty is likely to be lost for a long time, perhaps forever. As The Independent reports, the chairman of eurozone finance ministers, Jean-Claude Juncker, is warning that eurozone member states will probably have to increase their financial support for Greece if a deal between Athens and the private sector is concluded, putting Greece even more under the control of other nations.
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