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Τετάρτη, 17 Φεβρουαρίου 2010

Greek vote rights

* Bloomberg
* Published: 00:00 February 17, 2010
* Gulf News

Merkel party officer wants ban on Greek vote rights

Lauk's comments underscore the political storm that would ensue in Germany and the rest of the EU if a financial lifeline were extended to Greece

Berlin: Greece should lose voting privileges in the European Union if it gets a bailout from the 27-nation bloc, said the head of the business caucus of German Chancellor Angela Merkel's Christian Democratic Union.

As one of the EU's 27 members, Greece would be able to block demands accompanying a rescue if the conditions are "too tough," Kurt Lauk, the head of the CDU's Economic Council, said yesterday in a phone interview.

"If a country is in receivership, I think we need to introduce a rule that they are not allowed to vote while they're in receivership in the council or on any other issue," said Lauk, a former member of the European Parliament, adviser to the investment firm Silver Lake and a former member of the board of management of Daimler-Chrysler AG.

Political storm

Lauk's comments underscore the political storm that would ensue in Germany and the rest of the EU if a financial lifeline were extended to Greece. Euro area finance ministers met yesterday in Brussels to press Greece to do more to cut the region's largest budget deficit.

EU leaders last week joined in a statement promising "determined" support for Greece.

Lauk said Greece exemplified countries that failed to heed calls to increase their competitiveness.

"A number of countries avoided the responsibility to make the structural adjustments needed to make the euro strong and deliver in the long term," he said.

"The Greek government is one of the main culprits."