Applebaum characterizes the document as follows:
For this is no ordinary piece of Euro-bureaucracy: This is the kind of thing a surrendering field marshal signs in a railway car in the forest at the end of a bloody war.
How serious does she believe the situation is for Greece?
Though the European Union has always required a partial surrender of sovereignty from its member states, Greece no longer has much sovereignty at all. (snip) I don't believe anybody knew that the EU had so much power over its member states, least of all the Greeks.