Bankruptcy

Greece Loses Voting Power in EU

By mcbride

According to the Socionomist, which is a newsletter I read, the enormous decline in the markets (which is just now starting) will be accompanied by much social rancor and polarization of all types (eg. By race, nation and region ? see, the move for Texas?s independence).  The splitting up of the European Union will be the first of many splits and civil wars to come.  In light of those predictions, this article about the possible loss of Greek sovereignty within the EU is informative.  While we are not there yet, looking into the future, one doubts that Greece will agree to remain a part of the EU if it is going to lose its sovereign rights to make basic economic decisions about its future.  ?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. ?[this loss of a vote] marks a constitutional watershed and represents a crushing loss of sovereignty.?

Here is a link to the article on Greece: http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7252288/Greece-loses-EU-voting-power-in-blow-to-sovereignty.html

Here is a link to the Socionmist: www.socionomics.com

 Michael

Full post as published by Texas Lawyer Blog on February 17, 2010 (boomark / email).