new authority will be given access to Europe's enormous bailout funds, which is stocked for the large part from taxpayer money.
This particular function was previously carried out by governments. However, these days the EU can bailout a nation's banks, at least on the books, without adding to the government's debt levels.
This process was strongly opposed by Germany, but on the insistence of Spain and Italy, Germany has been forced to relent.
Nigel Farage, leader of the U.K. Independence Party, and a member of the European Parliament says that it is Germany who is playing the deciding role in these talks.
Farage feels that the only way to sort out this situation is for the countries who are in trouble to leave the Eurozone, go back to their original currencies, and get back their democracy and identity.
His speech can be heard above.