Tuesday, November 01, 2011

Greeks get a choice on eu

Unlike the people of the United Kingdom, the Greeks will get a choice on the EU. It is actually a referendum on the latest Greek rescue plan, but if the Greeks defeat it, it will probably mean Greek expulsion from the Euro zone. The latest eu plan cuts Greek debt by %0%. Essentially it is controlled default. As I have said before the euro is unsustainable . The citizens of the UK should have the choice about staying on board the sinking eu.

ATHENS — Prime Minister George Papandreou's shock announcement that he will put Greece's bailout to a referendum threatened to intensify the euro zone crisis, and brought complaints in Germany that Athens is trying to wriggle out of the deal.

Euro zone leaders agreed last week to hand Athens a second, 130 billion-euro bailout and a 50-per cent write-down on its huge debt. The price of the package is a program of harsh state spending cuts that have unleashed a tide of anger among Greeks.

Papandreou, whose ruling Socialist party has suffered several defections as it pushes waves of austerity measures through parliament while protesters rally outside, said he needed wider political backing for the fiscal measures and structural reforms demanded by international lenders.

A leader in German Chancellor Angela Merkel's centre-right coalition said on Tuesday he was "irritated" by Papandreou's announcement.

"This sounds to me like someone is trying to wriggle out of what was agreed — a strange thing to do," said Rainer Bruederle, parliamentary floor leader for the Free Democrats.

"One can only do one thing: make the preparations for the eventuality that there is a state insolvency in Greece and if it doesn't fulfil the agreements, then the point will have been reached where the money is turned off."

Analysts said the latest opinion poll showed a majority of Greeks took a negative view of the bailout deal.

The renewed uncertainty will be likely be an embarrasment for G20 leaders in France this week trying to coax China into throwing the euro zone a financial lifeline.


Anonymous said...

This is a little like allowing your citizens to vote on an agreement to surrender. Should we surrender under these terms or continue fighting?

I suspect if the German public was given the same opportunity to vote whether to bail out the Greeks our let them drown; They'd drown.

Very odd...

Jen said...

Why not send the canadian NDP to help Greek prime minister, since the ndp are very much in bed with union and their UNION leader like Peggy Nash is before her deciding to run for the NDP leaderdhip.

Funny thing Dr. Roy, not even the SNN had any discussion on Nash far less her involvment with Unionist top boss.

I Support Lord Black