Forcing the Greek government to submit all of their government expenditure to an external official as a condition for further monies may seem prudent to German politicians; however, its infringement upon the national sovereignty of Greece was bound to trigger political rhetoric about the dignity of the nation. But why be sympathetic to the groans of the Greeks? After all, they just signed up to a new Fiscal Union treaty that demands adherence to budgetary standards inconceivable at this point in time. Of course, the same is true for Italy, Portugal, Spain and Ireland. Why would they not sign up to the Land of Make Believe in return for some of that magic mojo fiat currency that they pretend will keep them afloat.
How dare you tell us what to spend, says the Greek government, and promptly signs up to a treaty where the rest of the Eurozone can fine them for not adhering to budgetary standards. Although since this fudge is a heated up version of the Growth and Stability Pact, why would we treat this with any more seriousness than the last or the next summit.
Tonight, we have the leftover rhetoric of an earlier age crystalllised in a treaty that makes no effort to deal with Europe's current problems. Cameron did not stand in the way of a Fiscal Union using the European Court of Justice (in return for secret and worthless concessions on financial industry directives?). Expect further fireworks.
