More billions for Greece, in exchange for even more austerity by Greece

Quick—how many bail-outs for Greece have there already been? I’ve lost count. But I know it’s been a lot. And now, amazingly, there’s another, a 130 billion euro bail-out approved yesterday. And with the additional money from the EU powers comes more crushing controls by the EU. As The Telegraph puts it:

Commissars from Brussels and the IMF will be installed in the Greek finance ministry to run the country’s economy. The Greek parliament has been ordered to amend the country’s constitution to impose a statutory obligation on the government to give debt-servicing payments priority over all other public spending. Put simply, the Greeks are being forced by people over whom they have no democratic control to pay their taxes to overseas creditors. Will the Greek people stomach this for long? We doubt it. This is a recipe not for stability, but for revolution.

Posted by Lawrence Auster at February 22, 2012 10:13 AM | Send