That Greece is broke is old news. Broke companies end up in receivership, meaning that a representative of the creditors is put in charge. The company can’t cut checks without the receiver’s approval.
If you read between the lines, Germany’s proposal that a European Commissioner be appointed over Greek taxation and expenditures amounts to receivership for a sovereign nation.
Question: What is “Greece” if it doesn’t have control over monetary policy (because of the Euro) or fiscal policy (i.e. taxes and spending controlled by a European Commissioner)? It will not be an independent country in any modern sense of the word.
I read Stratfor weekly – they have a unique, global perspective, clearly know their history, and pull no punches. This one in particular is worth reading.
Germany’s Role in Europe and the European Debt Crisis