Greece staved off the immediate threat of default at the weekend but now faces severe restrictions on its sovereignty and must push through a wave of privatisations.
However, such a move is likely to ‘massively limit” the country’s sovereignty, said Jean-Claude Juncker, chairman of the eurogroup of finance ministers, in an interview to Germany’s Focus magazine.
Greece needed to adopt a process similar to the Treuhand agency, used by Germany to sell off 14,000 former east German firms between 1990 and 1994, said Juncker.
However, he did appear to acknowledge that the Greeks were hostile to foreign officials appearing to take charge. “One cannot be allowed to insult the Greeks. But one has to help them.