The European Commission yesterday announced a complete overhaul of it’s Budget Stability Pact.
The pact, which was designed to control and unify the economies of EC member states has been in trouble for over three years.
Initially Greece, Sweden, Spain and the Netherlands requested modification of the rules, which impose heavy fines on member states that allow their budget deficits to overstep a 3% absolute limit.
However, it is only now that France and Germany are unable to respect the pact that the rules are finally being relaxed.
“As long as the people having trouble were crappy little tin pot countries like Greece and the Netherlands, none of us really gave a shit.” European Commission President Romano Prodi told BIGfib. “But now proper countries like Germany and France are having problems it has become obvious that the rules need rewriting.”
