Rolling through my early morning reading I came across this from The Slog:
Spearheaded by Berlin, the Troika engaged in overseeing Greek debt management effectively cut out the possibility of a disorderly default late yesterday. In a strongly-worded proposal circulated to EU finance ministers, a German proposal called for Greece to cede sovereignty while all Greek State income to go first to creditors – by law. This is, basically, the takeover of a sovereign EU member State in order to calm markets and protect exposed banks in the eurozone and elsewhere.
Reading the full article is a must.
As Zero Hedge says, the end game has begun. Here is their take:
It was tried previously (several times) under “slightly different” circumstances, and failed. Yet when it comes to taking over a country without spilling even one drop of blood, and converting its citizens into debt slaves, Germany’s Merkel may have just succeeded where so many of her predecessors failed…..
…..Because while today it is the fiscal apparatus, tomorrow it is the legislative. As for the executive: who cares. At that point Goldman will merely appoint one of its retired partners as Greek president and Greece will become the first 21st century German, pardon, European colony. But at least it will have its precious euro. We can’t wait until Greek citizens find out about this quiet coup.
Wonder how the Greek people will take that, not having a country anymore an all….
The word Eurosceptic has been hijacked by those who think reform from the inside is possible. Its not. 
I suppose it beats sending the jackboots into Athens. What was it Nathan Mayer Rothschild said, something along the lines of, As long as I have control of the money supply, I care not who makes the laws.
I suppose it beats sending the jackboots into Athens.
Do we assume that the Greeks have no say in this? That they have been made an offer they cannot refuse? or are they still able to say NO and default anyway, which would cause a credit event triggering all those toxic CDS to be called in.
“Give me control of a nation’s money and I care not who makes the laws.” – Mayer Amschel Bauer (1744 -1812), Godfather of the Rothschild Banking Cartel of Europe.
Yes, that was he.