20 February 2012

Rubbing their noses in it

Yes, it's the big day for Greece when the Eurozone finance ministers will (probably) agree to the bailout.  But don't get too excited; it will only be a provisional agreement, in that the Dutch, Finnish and German parliaments have to endorse the arrangements over the next week or two, before it can be put into effect.

What will be interesting will be the attempts of Brussels (and Frankfurt) to maintain control of the situation in Greece.  The escrow account deal seems certain to be adopted, thus ensuring that there will be no hanky-panky once the funds have been transferred.  There are also likely to be demands for a permanent Troika presence in Athens whose purpose will be to keep the Greek government's nose to the grindstone.

Thus the EU will have established its first colony ...

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