EU: Greece must accept limits on sovereignty for €12bn in aid

GREECE has been warned that it faces an era of “massively limited” sovereignty in return for the bailout cash that will ward off a disorderly bankruptcy this summer.

Eurogroup chairman Jean-Claude Juncker said that in return for the EU signing off on Greece’s €12bn (£10.8bn) in aid, which was rubber-stamped on Saturday night, Athens should prepare to have some fiscal decisions made by foreigners.

“One cannot be allowed to insult the Greeks. But one has to help them. They have said they are ready to accept expertise from the Eurozone,” said Juncker. “The sovereignty of Greece will be massively limited.”

In the face of riots in Athens, the Greek parliament voted last week to implement €28bn in cuts and to set up an agency to offload €50bn in state assets.