Greece surrenders its sovereignty -- but should it have expected otherwise?


Greece Is Being Treated Like a Hostile Occupied State

By Ambrose Evans-Pritchard
The Telegraph, London
Monday, July 13, 2015

Like the Neapolitan Bourbons -- benign by comparison -- the leaders of the eurozone have learned nothing, and forgotten nothing.

The cruel capitulation forced upon Greece after 31 hours on the diplomatic rack offers no conceivable way out the country’s perpetual crisis. The terms are harsher by a full order of magnitude than those rejected by Greek voters in a landslide referendum a week ago, and therefore can never command democratic assent.

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They must be carried through by a Greek parliament still dominated by MPs from Left and Right who loathe every line of the summit statement, the infamous SN 4070/15, and have agreed -- if they have agreed -- only with a knife to their throats.

EMU inspectors can veto legislation. The emasculation of the Greek parliament has been slipped into the text. All that is missing is a unit of EMU gendarmes.

Such terms are unenforceable. The creditors have sought to nail down the new memorandum by transferring E50 billion of Greek assets to "an independent fund that will monetise the assets through privatisations and other means." It will be used in part to pay off debts.

This fund will be under EU "supervision." The cosmetic niceties of sovereignty will be preserved by letting the Greek authorities manage its day-to-day affairs. Nobody is fooled. ...

... For the remainder of the commentary:

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