Greece is becoming financial protectorate

Athens, 16 February - Greece during the next months will have full financial oversight of the three sides by France, Germany and European Central Bank, says the newspaper "Macedonia" of Thessaloniki.

Since March of 2010 each month shall examine all measures that the Greek Government shall undertake to reach the stabilization of situation in Greece. If in need, EU will intervene with its own measures, says "Macedonia" of Thessaloniki.

In economic analysis published Friday, the Thessaloniki newspaper suggests that the state due to mismanagement of economic crisis remains without a part of their national sovereignty.

Greece rejects the pressure from European Union (EU), which has required Athens to take additional measures to reduce state expenditures, with the aim of restoring stability in the market.

While Germany and European Central Bank (ECB), as it says "Financial Times", proposed to Greece to raise VAT to 1-2 percent and to impose additional reduction of salaries of civil budget, which is a condition for receiving aid add.

The President of ECB, Jean Claude Trishe called for "additional steps" that Greece should take to ensure confidence in the government program to reduce the budget deficit.

Athens, on the other hand, considers that the current government measures are enough to reduce the budget deficit from 12.7 percent of GDP's last year to 8.7 percent of GDP's this year.

Source: Ekonomia-ks.com/ 16.02.2010