Victory for Merkel over fiscal treaty
Twenty-five of the European Unions 27 countries have signed up to a German-inspired treaty enshrining tougher fiscal rules to help underpin the euro.
But Berlin was warned that there were limits to how much sovereignty governments could be expected to surrender for the sake of fiscal discipline.
Nicolas Sarkozy, the French president, said the German proposal for the EU to control Greeces budget decision-making would not be reasonable, not be democratic nor would it be effective. He said that he had confronted Angela Merkel, his German counterpart, with his views and insisted she had agreed.
The recovery process in Greece can only be enacted by the Greeks themselves, democratically, Mr Sarkozy said. There can be no question of putting any country under tutelage. Having spoken to the chancellor, I can tell you this is exactly her position.
http://www.ft.com/intl/cms/s/0/9068548a-4b68-11e1-b980-00144feabdc0.html#axzz1l0hjX8rk
lonestarnot
(77,097 posts)I don't like the looks of it.
PSPS
(13,512 posts)Funny thing to say, given that Greece is now headed by an unelected technocrat installed at the insistence of the banksters.