Alot is happening today and I have not had a chance to read up on the negotiations, etc. So I am just going to share a link to a write up on Naked Capitalism that was posted this morning, and a very interesting documentary about the slow discovery of just how much the formation and law-making in the EU is influenced by business and finance, as well as a documentary about Greece produced by National Geographic.
I imagine that we are going to find out more or less what is going to happen regarding Greece during the week. Right now, it appears to me like the EU has found a back-door way to push Greece out. They are going to make conditions so onerous that Greece will be forced to adopt its own currency. Adoption of another currency would be a treaty violation, which is grounds for suspension from the EU. (This seems hugely short-sighted to me) Currently Greece is out in all but name, since its banks have been cut off by the ECB. There are talks of Greece pursuing things through the European Court of Justice and I have seen people speculate that they have a case and could win (I do not claim to have a good understanding of this idea currently). Right now I see lots of conflicting speculation and a number of plans being put forth. We will just have to wait and see what develops.
The Brussels Business
Greece on the Brink