{"id":13654,"date":"2012-02-21T10:40:59","date_gmt":"2012-02-21T15:40:59","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=13654"},"modified":"2012-02-21T10:41:41","modified_gmt":"2012-02-21T15:41:41","slug":"greece-is-now-officially-a-ward-of-the-international-community","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2012\/02\/21\/greece-is-now-officially-a-ward-of-the-international-community\/","title":{"rendered":"Greece: &#8220;now officially a ward of the international community&#8221;"},"content":{"rendered":"<p><a href=\"http:\/\/blogs.reuters.com\/felix-salmon\/2012\/02\/21\/the-improbable-greece-plan\/\" target=\"_blank\">Felix Salmon<\/a> on the dire Greek financial future:<\/p>\n<blockquote>\n<p>Greece is now officially a ward of the international community. It has no real independence when it comes to fiscal policy any more, and if everything goes according to plan, it\u2019s not going to have any independence for many, many years to come. Here, for instance, is a little of the official Eurogroup statement:<\/p>\n<ul>\n<p><em>We therefore invite the Commission to significantly strengthen its Task Force for Greece, in particular through an enhanced and permanent presence on the ground in Greece\u2026 The Eurogroup also welcomes the stronger on site-monitoring capacity by the Commission to work in close and continuous cooperation with the Greek government in order to assist the Troika in assessing the conformity of measures that will be taken by the Greek government, thereby ensuring the timely and full implementation of the programme. The Eurogroup also welcomes Greece\u2019s intention to put in place a mechanism that allows better tracing and monitoring of the official borrowing and internally-generated funds destined to service Greece\u2019s debt by, under monitoring of the troika, paying an amount corresponding to the coming quarter\u2019s debt service directly to a segregated account of Greece\u2019s paying agent.<\/em><\/p>\n<\/ul>\n<p>The problem, of course, is that all the observers and \u201csegregated accounts\u201d in the world can\u2019t turn Greece\u2019s economy around when it\u2019s burdened with an overvalued currency and has no ability to implement any kind of stimulus. Quite the opposite: in order to get this deal done, Greece had to find yet another \u20ac325 million in \u201cstructural expenditure reductions\u201d, and promise a huge amount of front-loaded austerity to boot.<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Felix Salmon on the dire Greek financial future: Greece is now officially a ward of the international community. It has no real independence when it comes to fiscal policy any more, and if everything goes according to plan, it\u2019s not going to have any independence for many, many years to come. Here, for instance, is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25,62,84,1526],"tags":[697,71,337,379],"class_list":["post-13654","post","type-post","status-publish","format-standard","hentry","category-economics","category-europe","category-government","category-greece","tag-budget","tag-debt","tag-eu","tag-stimulus"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-3ye","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/13654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=13654"}],"version-history":[{"count":2,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/13654\/revisions"}],"predecessor-version":[{"id":13656,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/13654\/revisions\/13656"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=13654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=13654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=13654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}