The Tundra Tabloids has warned about this from the very beginning the Lisbon Treaty was touted as being something different, “a less obtrusive binding agreement than the voted down EU Constitution”. It was a lie then and its shown to have been a lie now.
It takes a Greek tragedy, a formerly sovereign state plays with other member states money (that’s what socialism does to fiscal responsibility, it softens the head and fosters greed, you know, coveting the wealth of others that you’re not actually entitled to) to show just how each individual member state in the Union is no longer a sovereign state. KGS
NOTE: The TT blames the socialism of Europe and its political leaders for fostering such a decrepit system on the people of Europe in the first place.
The council of EU finance ministers said Athens must comply with austerity demands by March 16 or lose control over its own tax and spend policies altogether. It if fails to do so, the EU will itself impose cuts under the draconian Article 126.9 of the Lisbon Treaty in what would amount to economic suzerainty.
While the symbolic move to suspend Greece of its voting rights at one meeting makes no practical difference, it marks a constitutional watershed and represents a crushing loss of sovereignty.
“We certainly won’t let them off the hook,” said Austria’s finance minister, Josef Proll, echoing views shared by colleagues in Northern Europe. Some German officials have called for Greece to be denied a vote in all EU matter until it emerges from “receivership”.
The EU has still refused to reveal details of how it might help Greece raise €30bn (£26bn) from global debt markets by the end of June. Investors are unsure whether this is part of Kabuki play of “constructive ambiguity” to pressure Greece and keep markets guessing, or reflects the deep reluctance by Germany to be drawn deeper in an EU fiscal union. Greek bonds sold off as ten-year yields jumped to 6.42pc, but the euro rallied to $1.3765 against the dollar as broader issues resurfaced in currency markets.