By rights Greece should be thrown out of the EMU for their egregious and fraudulent trampling of the Stability Pact, which will in the end mean you and I will pay higher taxes to finance the Greek financial debauchery. And it is only fitting that some form of sanction is placed in the Greeks until such time as they have put their house in order.
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.
What a lovely beast the
Lisbon Treaty Turnip is. Whenever the mood strikes, the EUnion no has the power to take away your voice and leave others to decide the fate of your nation. No accountability, no democratic control. Any pretence that the EUnion respects the sovereignty or democracy is now at an end.
Can we leave now? (h/t ATW)
[UPDATE001] Helen Szamuely has more.