Rebranding Troikas, then and now
Surveillance – the ECB’s role in the Troika has recently been questioned by the ECJ, and so some “rebranding” of the monitoring has looked likely. But the basic structure of program targets and reviews will remain in place…
-- ‘Greece: Thoughts on the negotiations ahead’, Malcolm Barr, JPMorgan, 2015
MR. GIBSON BOWLES asked whether the obligations of Greece towards Turkey, under the Convention of 1881, had been taken into account, or whether the engagements entered into 17 years ago were nugatory and of no effect. If, he said, nothing had been done towards fulfilling that engagement, it threw rather a lurid light upon the prospects of the new Loan.
THE CHANCELLOR OF THE EXCHEQUER: I am afraid I have failed to make myself clear to my hon. Friend. What has been done is this: The financial position of Greece by the institution of the proposed Commission of International Control will be absolutely different from what it has been before. Sufficient revenue will be assigned to the Commission to be collected by the monopoly company—which will be practically placed under their orders—and handed over to them without any intervention by the Greek Government, for the service, not only of the new Loan, but of the previous international obligations of Greece.
-- Greek loan guarantee debate, House of Commons, 1898
All of this has happened before, and will happen again.
Of course the Commission technically came in six, not three, as it had Six Powers behind it who had just stopped a nasty little war between Greece and the ailing Ottoman Empire.
And 'Commission for International Control' probably isn't great branding to revive, when Syriza's extraordinary 'negotiation' with the Troika is as much about salving a powerful sense of national humiliation as nailing down the economics of financing a country.
I wonder what the Commission's primary surplus targets were.