(Louisa Gouliamaki/AFP/Getty Images)
Greek Bailout Package: Undemocratic and Unsustainable
The EU amends Greece’s constitution.
By Richard PalmerWith Greece just weeks away from running out of cash, eurozone finance ministers agreed on a new €130 billion ($170 billion) bailout deal in the early hours of February 21 after a 13-hour meeting. The new deal, based on austerity measures implemented by an unelected government, continues to violate Greece’s sovereignty and is bound to fail.
The eurozone’s distrust of Greece borders on contempt. EU and imf officials will have an “enhanced and permanent” position in Greece as a surveillance mechanism. Greece’s repayments must be deposited into an escrow account three months in advance of them becoming due. But this is only a temporary measure, until Greece rewrites its constitution.
That’s right—the EU is amending the constitution of a sovereign nation. This is the amount of power the euro crisis has forced Greece to hand over. Greece’s constitution must be changed to state that debt repayments are the first priority for government spending.
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