Thursday, March 04, 2010

The End of Sovereignty (III) (Greece)

Newsletter 2010/03/02 - The End of Sovereignty (III)

ATHENS/BERLIN (Own report) - In light of Greece's financial crisis, government advisors in Berlin are considering new limitations to EU member nations' sovereignty. Because of difficulties in bringing the
situation in Greece under control, the German Institute for International and Security Affairs (SWP) wrote in a recent analysis that it should be discussed "whether and how it could be possible to take drastic action more precociously on national fiscal policies". Yesterday, the government in Athens consented to Brussels' new reductions in pay and more tax increases, but it is uncertain whether these drastic measures will suffice to keep Germany from having to provide Greece with financial aid. Berlin has begun weighing the option of letting that country go bankrupt, the consequences being probably "just a bit more serious" than those of last year's insolvency of General Motors, writes the SWP. In Greece, since some time, protests have been raised against German economic dominance. The media is warning that "the Germans could take absolute control" of the Greek national budget.


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