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FT.com: Memo reveals extent of control bailout monitors will have on Greece http://www.ft.com/cms/s/0/c2e06d20-40ed-11e5-9abe-5b335da3a90e.html#axzz3icD RBSxs When Greece agreed in principle on a new rescue programme with its EU creditors a month ago, it pledged to accept a level of external oversight of its economy unprecedented for an EU member. But just how closely the Greek government will be controlled from the outside has only become fully clear this week with the release of the detailed memorandum of understanding between Athens and its bailout monitors. As a copy of the 29-page document obtained by the Financial Times reveals, the Greek government will have its hands bound on everything from overall budget planning to drug pricing, tourist rentals, farmers' fuel tax breaks and the finer points of personal bankruptcy. . The bailout monitors - the European Commission, the European Central Bank and the International Monetary Fund - are particularly keen to ensure that Athens sticks to the straight and narrow in banking. The MoU says: "No unilateral fiscal or other policy actions will be taken by the authorities, which would undermine the liquidity, solvency or future viability of the banks. All measures, legislative or otherwise, taken during the programme period, which may have an impact on banks' operations, solvency, liquidity, asset quality etc. should be taken in close consultation with the EC/ECB/IMF and where relevant the ESM [the EU rescue fund that will finance most of the package]." _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: http://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
