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Thread: Greece loses EU voting power in blow to sovereignty

  1. #1
    Elite Member witchcurlgirl's Avatar
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    Default Greece loses EU voting power in blow to sovereignty

    The European Union has shown its righteous wrath by stripping Greece of its vote at a crucial meeting next month, the worst humiliation ever suffered by an EU member state.

    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.

    Jean-Claude Juncker, head of the Eurogroup, hinted that ministers have already agreed on a support mechanism, should it be necessary. It will most likely involve by bilateral aid by eurozone states. He said proposals for an IMF bailout - backed by Britain - were "absurd" and would shatter the credibility of monetary union.

    Many Germans disagree, including Otmar Issing, once the backbone of the European Central Bank. He said an EU rescue for Greece would be fatal, arguing that unflinching rigour is the only way to hold monetary union together without political union.

    Tuesday's EU verdict amounted to a thumbs down on Greece's earlier austerity efforts, viewed as too reliant on one-off measures and too light on spending cuts. Greece must reduce its deficit from 12.7pc of GDP to 3pc in three years. Greek customs officials expressed their anger by kicking off a three-day strike, the first of many stoppages set to culminate in a general strike next week.

    However, premier George Papandreou has won support from key political parties and a majority of the people. Greece may yet surprise critics by mustering its Spartan Spirit.

    Greece loses EU voting power in blow to sovereignty - Telegraph
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  2. #2
    Elite Member sputnik's Avatar
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    sucks for greece but them's the rules and greece has been lagging behind for ages now. italy's not too far behind either...
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    Elite Member Mr. Authority's Avatar
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    Isn't Greece going through an economic depression of it's own? I don't think they can afford to be sovereign political wise.

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    Elite Member Aella's Avatar
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    Quote Originally Posted by Mr. Authority View Post
    Isn't Greece going through an economic depression of it's own? I don't think they can afford to be sovereign political wise.
    That's a mighty extravagant statement you're making there.
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    Elite Member sputnik's Avatar
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    lol i think sovereignty is overrated anyway. sure, EU countries gave up on some of their sovereignty to be a part of the EU but i think they're much better off that way and stand to gain more.

    but yeah, i'm not really understanding mr. authority's statement either...
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    Elite Member Aella's Avatar
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    Quote Originally Posted by sputnik View Post
    lol i think sovereignty is overrated anyway. sure, EU countries gave up on some of their sovereignty to be a part of the EU but i think they're much better off that way and stand to gain more.

    but yeah, i'm not really understanding mr. authority's statement either...
    Some being the key word, and (at least in my country's case, am unfamiliar with other constitutions), constitutionally-backed and for reasons of national interest.
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    Elite Member McJag's Avatar
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    I am not understanding it all, still-this seems a bit harsh,IMO.
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    Elite Member Aella's Avatar
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    Quote Originally Posted by McJag View Post
    I am not understanding it all, still-this seems a bit harsh,IMO.
    ...eh. I'm not seing it causing much concern to politicians, beyond raising taxes/cutting benefits, which they've already done.
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    Elite Member sputnik's Avatar
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    Quote Originally Posted by Aella View Post
    Some being the key word, and (at least in my country's case, am unfamiliar with other constitutions), constitutionally-backed and for reasons of national interest.
    the article is in the lisbon treaty though. every country knew it was a possibility when they signed, if they failed to meet the economic criteria which are there for a reason - to ensure that one country doesn't bring the economy down. i think the article is anti-EU and that's why it brings up the whole sovereignty thing. (calling the article in the lisbon treaty 'draconian' when if anything, the lisbon treaty has somewhat watered down the principle of the EU and slowed down its progression - it was essentially a compromise document after the failure to pass a EU constitution and IMO took a few steps back and slowed the integration process down). but the fact remains that europe is much stronger and stable as a regional bloc than it ever was as totally sovereign nations.
    plus, EU countries are giving up sovereignty to be a part of a larger, democratic system, it's not like they're being invaded by the nazis. but the article makes it sound like the EU is some kind of oppressor castrating greece. which isn't surprising, seeing as it's from a UK paper, and they've always been ambivalent about the EU at best, or downright hostile. even less surprising since it's from the telegraph...
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    Elite Member Aella's Avatar
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    Quote Originally Posted by sputnik View Post
    the article is in the lisbon treaty though. every country knew it was a possibility when they signed, if they failed to meet the economic criteria which are there for a reason - to ensure that one country doesn't bring the economy down. i think the article is anti-EU and that's why it brings up the whole sovereignty thing. (calling the article in the lisbon treaty 'draconian' when if anything, the lisbon treaty has somewhat watered down the principle of the EU and slowed down its progression - it was essentially a compromise document after the failure to pass a EU constitution and IMO took a few steps back and slowed the integration process down). but the fact remains that europe is much stronger and stable as a regional bloc than it ever was as totally sovereign nations.
    plus, EU countries are giving up sovereignty to be a part of a larger, democratic system, it's not like they're being invaded by the nazis. but the article makes it sound like the EU is some kind of oppressor castrating greece. which isn't surprising, seeing as it's from a UK paper, and they've always been ambivalent about the EU at best, or downright hostile. even less surprising since it's from the telegraph...
    I know that, I'm not planning on picking up arms and fighting the EU invaders or anything! And I didn't initially comment precisely because it's a telegraph article, just responded to Mr Authority's comment.
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    Elite Member McJag's Avatar
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    *tries to picture aella in grecian robes (very short. perfect pedicure.) ready to fight,swinging latest handbag. fails.*
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