The Greek “Choice”: Hand Over Sovereignty Or Take Five Year Euro “Time Out”…”5 year Grexit “time out”, which is a polite euphemism for get the hell out.”
by Tyler Durden
ZeroHedge.com
07/12/2015
For those who missed today’s festivities in Brussels, here is the 30,000 foot summary: Europe has given Greece a “choice”: hand over sovereignty to Germany Europe or undergo a 5 year Grexit “time out”, which is a polite euphemism for get the hell out.
As noted earlier, here are the 12 conditions laid out as a result of the latest Eurogroup meeting, which are far more draconian than anything presented to Greece yet and which effectively require that Greece cede sovereignty to Europe, this time even without the implementation of a technocratic government.
Streamlining VAT
Broadening the tax base
Sustainability of pension system
Adopt a code of civil procedure
Safeguarding of legal independence for Greece ELSTAT – the statistics office
Full implementation of autmatic spending cuts
Meet bank recovery and resolution directive
Privatize electricity transmission grid
Take decisive action on non-performing loans
Ensure independence of privatization body TAIPED
De-Politicize the Greek administration
Return of the Troika to Athens (the paper calls them the institutions… for now)
The Rest…HERE
