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June 24, 2011

Merkel doubles-down on demand that Greece give up budget oversight to EU

Citing failure to implement agreed upon austerity measures (such as laying off 30,000 government workers, of which less than 1,000 have been let go), Germany is demanding an EU appointed budget control office that would follow through on treaty obligations by using the power of veto, among other powers, over Greek public spending.

"Germany is continuing its push for controls over Athens' budget, despite being rebuffed by Greece and other euro-zone countries at Monday's European summit.

Behind Chancellor Angela Merkel's quest for strict supervision of Greek spending lies growing frustration in Berlin that Greece has failed to meet its deficit-cutting targets or overhaul its economy, which were the conditions of its €110 billion ($145 billion) bailout in 2010. "

Much more on this at the Wall Street Journal


More about the Troika in Greece:

The June 2011 Troika Loan Plan

"Midterm" Troika plan passes Greek Parliament - June 2011

Troika primary requirement: Reduce the size of the Greek state - Sept 2011

Questions about Troika Powers in Greece - June 2011



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