Greece and her creditors have reached an agreement to begin negotiations on a third bailout for Athens as long as Greece fulfills several obligations over the next few days. Note that this is not a bailout agreement.  It is an agreement to reach an agreement if Greece basically gives up its sovereignty and becomes a ward of Germany and the EU. There has never been a deal like this in the annals of European diplomacy.  The Versailles Treaty that imposed harsh terms on Germany in 1919 is a picnic compared to what Greece agreed to. Here are some of the terms: * Greece to pass by Wednesday measures including simplifying VAT rates and applying the tax more widely, cutting back on pensions and making the national statistics agency independent. * Greece to set clear timetable for following measures: - ambitious pension reform; - market reform including Sunday trading, pharmacy ownership and opening of closed professions such as...(Read Full Post)