Greek anger over debt deal particularly focused on Germany
But few Greeks agree. “Our politicians are just employees, simple employees,” said Margarita Tripolia, 17, a high school student who marched in the National Day parade. Like other students, she turned away from government, church and military representatives outside Parliament to silently protest the austerity measures and the direction the country was taking.
But the question of sovereignty goes well beyond street protests.
A very delicate and unresolved question in the negotiations between the European Union and the banks on the Greek debt deal is whether future Greek obligations will be governed by international law, and not by Greek law, which currently governs 90% of Greek bonds. Such a change – aimed at preventing Greece from changing its laws to the detriment of creditors – would be unprecedented for a member country of the European Union.
Some argue that more surveillance is needed for Greece to push through the structural changes it has promised in return for foreign aid. They say that some loss of Greek sovereignty is a small price to pay given that the new debt deal and the eventual recapitalization of some banks comes at the expense of taxpayers in other European countries.
“It really shifts the burden from Greeks onto others,” said Iain Begg, European Monetary Union expert at the London School of Economics. “The condition for that will be that the others say, ‘We are not going to allow Greece or even Italy to let themselves be in this position again.’ “
Italy is under increasingly intense European surveillance to ensure it carries out the structural reforms necessary to support the euro.
Others, like Spyros Economides, the director of the Hellenic Observatory at the London School of Economics, note that the Greeks did not complain about the loss of sovereignty until the debt crisis hit. “I have never felt this kind of argument,” he said, “when Greece benefited from EU largesse, with conditions,” such as limiting budget deficits by 3% of the budget. gross domestic product.