Greece cedes sovereignty


Not all of it, but a giant whack of it, to the EU.

(Reuters) – Euro zone finance ministers have approved a 12 billion euro ($17.4 billion) installment of Greece’s bailout, but signaled that the nation must expect significant losses of sovereignty and jobs.

Ministers in the Eurogroup gave the go-ahead for the fifth tranche of Greece’s 110-billion-euro financial rescue agreed last year, and said details of a second aid package for Athens would be finalized by mid-September.

But within hours of Saturday’s decision, Eurogroup chairman Jean-Claude Juncker warned Greeks that help from the EU and International Monetary Fund would have unpleasant consequences.

The sovereignty of Greece will be massively limited,” he told Germany’s Focus magazine in the interview released on Sunday, adding that teams of experts from around the euro zone would be heading to Athens.

Those decades of Greek progressive politics appear to be progressing quite well.

Good-bye for now, Greece. Maybe one day in the future, you’ll wake up and realise/remember socialist/progressive politics doesn’t work.

The silver lining is that a lot of unnecessarily state-owned assests will have to be privatised.

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