When a country gives away the right to determine its own budgets, the said country gives away its independence. Italy and Greece and others are signing because they are already bankrupt. What is more, in Italy and in Greece the decision is being made by unelected Prime Ministers. This kind of financial Treaty of Versailles will have dramatic consequences and might end up leading us in the same direction as the real Treaty of Versailles.
Look at the case of Scotland. The SNP wanted more independence from Britain. What did they ask for? The power to raise taxes in Scotland and to produce their own budgets that would only need to be approved by the Scottish Parliament.
The European process is exactly the opposite. Surrendering taxation and the right to determine budgets at a national level, European Union members will be surrendering their independence.
Now, here is the one million question: Would Alex Salmond be in favour of surrendering whatever independence Scottland now has to put it in the hands of European bureaucrats?