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Post by bot on Jan 28, 2012 9:52:26 GMT -5
Germany wants EU to control Greek budget: report from MarketWatch.com - MarketPulse DAVOS, Switzerland (MarketWatch) -- Germany wants Greece to give up sovereignty over its budget to a euro-zone commissioner in order to receive its second bailout from international lenders, The Financial Times reported on Saturday, citing a copy of the proposal it has obtained. The proposed commissioner would be able to veto Greek budget decisions if they do not comply with targets set by Greece's international lenders, the newspaper said. The German proposal, which has been shared with euro-zone finance ministers, says that "budget consolidation has to be put under a strict steering and control system," and that given the disappointing compliance so far, "Greece has to accept shifting budgetary sovereignty to the European level for a certain period of time," according to the FT.
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