When the US bailed out its banks, it really didn’t impose any limits on them in terms of business practices or bonuses.
It doesn’t sound as though the EU will be that soft on Greece if in fact a bailout is forthcoming.
First of all — not surprisingly — Greece will be forced to impose a vicious austerity budget that will whack at least 4% off its GDP.
But that’s not all.
Kurt Lauk, the head of Angela Merkel’s business caucus, told Bloomberg that a bailout must come with a limitation of EU rights: “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.”
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