>Uuummhh,
>I am seeing a lot of differing angles in that mess compare to your POV.
>
>>In case you noticed, we in the EU have a thing going on with Greece which technically are bankrupt.
>
>Full ACK if you see it from economic/budgetary perspective - Greek gov expenses have never been lower than cashflow in in the last 30 years and they have not enough assets to cover their debt. If it were a civilian matter, I am pretty certain ECB measures might be viewed to help a [criminal] delay in filing bankruptcy petition, making those debts doubtful.But as there exists no judicial frame of reference for a state to declare bancrupcy within the EU, Greece is not really in fear of a court bailiff carrying off the part of greek gold still held by the Greek National Bank. "Technically" DEPENDS an such a framework ;-)
The framework may actually be illegal. Here's from the recent interview of Yanis Varoufakis:
HL: What is the greatest problem with the general way the Eurogroup functions?
YV: [To exemplify…] There was a moment when the President of the Eurogroup decided to move against us and effectively shut us out, and made it known that Greece was essentially on its way out of the Eurozone. … There is a convention that communiqués must be unanimous, and the President can’t just convene a meeting of the Eurozone and exclude a member state. And he said, “Oh I’m sure I can do that.” So I asked for a legal opinion. It created a bit of a kerfuffle. For about 5-10 minutes the meeting stopped, clerks, officials were talking to one another, on their phone, and eventually some official, some legal expert addressed me, and said the following words, that “Well, the Eurogroup does not exist in law, there is no treaty which has convened this group.”
So what we have is a non-existent group that has the greatest power to determine the lives of Europeans. It’s not answerable to anyone, given it doesn’t exist in law; no minutes are kept; and it’s confidential. So no citizen ever knows what is said within. … These are decisions of almost life and death, and no member has to answer to anybody.
