Wednesday, February 17, 2010

Greece Loses EU Voting Power in Blow to Sovereignty

Curt Here...

Today the European Union suspended Greece of its voting rights for a crucial meeting that will occur next month. The council of EU finance ministers took it a step further by stating that if Greece did not comply with their demand of cutting government spending and getting their unsustainable debt under control then Greece could lose control over its own tax and spend policies altogether.

As the article states below, by losing the right to vote at the next meeting it is a huge loss of sovereignty for the nation of Greece and a huge sign pointing towards where things are headed in the EU. This clearly points in the near future towards more centralized economic power in Brussels over the entire EU neighborhood and I believe it pushes us farther down the prophetic path.

Greece is also an important country to watch as they are one of the ten WEU nations. If the ten WEU nations are the ten horns of the final beast as described in Daniel 7, then we know at some point the little horn (anti-christ) that rises up after the ten will uproot three horns. I have often thought or speculated that these three horns would be uprooted through military means, could it be economic?

Stay Tuned



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.


Constance Cumbey said...

Excellent column -- it is happening so fast now -- Europe is in chaos and I have my own suspicions on how it will soon sort out.

Keep up the good work!


the70thweek said...

It is happening fast.

Thanks for dropping by Constance. I appreciate your support.


theyenguy said...

Yes indeed Greece has lost its Sovereignty and its Seigniorage as well.

My belief of Bible Propehcy of Revelation 13:8-10 its that it foretells that a Sovereign will arise to rule Europe; and Revelation 13:11-18 that a Seignior, that is an investment banker, will arise to provide seigniorage for all Europeans.

In article, The Last Forty Two Months Will Be A Time Of Great Tribulation, I relate that Europe is one of ten regions of global government.