Germany and France have found another way to take away Greek sovereignty

France and Germany have come up with another torture instruments for the Greeks

This is fundamentally a story about mistrust. Angela Merkel and Nicolas Sarkozy are worried that a new Greek government might squander the funds of a second rescue programme. For that reason, they are now proposing to create a special escrow fund, earmarked to pay off Greek debt holders. This would enable them to withhold funds from Greece, without triggering an automatic default, the FT reports. It is hard to see why Greece should accept this. The article said the plan had the backing of the European Commission. Germany came up with this idea after the angry rejection of its proposal of a fiscal Kommissar. The article quotes a senior French official as saying: "This is a better idea than the proposal of a debt commissar...It is more acceptable.

France and Germany finally make it absolutely transparent that the "Greek rescue" is not a rescue of Greece, but using Greece as a conduit ro give money to their banks.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker