Eurozone pushes for separate Greek debt account
BRUSSELS (AP) SEmD The European Union's economic affairs commissioner says the eurozone is seriously considering forcing Greece to set up a separate fiscal account that would be dedicated to repay its debts as part of a new bailout.
Such an account, which could take in the new bailout money or even part of Greece's general government revenue, would be an unprecedented intrusion into the fiscal affairs of a sovereign state.
It was proposed by Germany and France earlier this week.
Under that proposal, revenues would go first to servicing Greece's debt before paying for government services.
Olli Rehn said Thursday such a separate account, which was proposed by Germany and France earlier this week, was "one relevant possibility of reinforcing surveillance and ensuring effective implementation of the (bailout) program."
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