TRYING TO ENFORCE A DEAL WITH A SOVEREIGN.

TRYING TO ENFORCE A DEAL WITH A SOVEREIGN. I posted here two weeks about the advantage that Greece has in the chicken game with the Eurozone. The spending and other economic reforms that Greece is being asked to make would be made in the future—after the money has been advanced to avert a Greek default. This is an hour by hour account from the Guardian blog for Monday February 13 which describes ongoing events. The Greek parliament voted on Sunday to approve the what was demanded by the Eurozone. Notice that the entry for 8:22 a. m. states four additional requirements for Greece to get the 130 billion euro bailout package, including item 2, which requires the leaders of Greece’s political parties to confirm in writing that they will implement the terms of the package. Then note the entry for 8:30 a.m.: “Samaras, the current front-runner to replace Lucas Papademos [as prime minister after new elections], told parliament last night: ‘I ask you to vote in favour of the new loan agreement today and to have the ability to negotiate and change the current policy which has been forced on us.'” In other words, the parliamentary debate reflected that the agreement that the Eurozone is seeking is going to be difficult to enforce.