Greece To Hold Referendum On Bailout Package

Give me bankruptcy or give me death!
In an exremely populist manner, the Greeks are going to vote on whether to hold a referendum on whether to accept the bail out or not.

"This is a supreme act of democracy and of patriotism for the people to make their own decision... we have a duty to promote the role and the responsibility of the citizen."

The majority don't want a bail out, so the Greek PM, George Papandreou, is in safe populist territory there. Howveer, if they reject the bail out:

"If it's rejected, it'll be a disaster for Greece," he said. "It'll be bad enough for the European Union and the eurozone in particular, but it'll be far worse for Greece." He added that a no vote would mean Greece would have to declare bankruptcy and be removed from the eurozone - and that Mr Papandreou would have to resign.

The markets are extremely nervous about this proposal. I wonder how Greece intends toi support itself post-Europe and also what the Eurobankers will do in reaction? You can't turn down a loan shark...

Greece To Hold Referendum On Bailout Package

Greece debt crisis: Markets dive on Greek referendum

Well, they have brought themselves what? 3 months? and it seems to me from what I've read that the markets think it won't work anyway, so the delay could mean they are vying for time to come up with a better solution, one the markets will buy that they'll ram down the Greeks throats..

Sorry, am pretty cynical as I see no way for a European state to call a referendum unless those at the top of the Sh... heap in Europe thought it was a good idea/met some game within game agenda they are playing.

reply to post by thoughtsfull


It's the G20 summit tomorrow.
I wonder what their reaction will be?
All of this has been a delay tactic all along - from Slovakia refusing to accept Greece' proposed bail out, to Germany and Franc postponing their agreement, to the EU and IMF dragging out the bail out, to this. Greece haven't even said WHEN they'll hold the referndum. It could be next year.
I think that basically everyone knows that we are teetering on the edge of a chasm and the money-lending PTB are desperately clutching on with one hand to the rest of us. At some point, they will let go and then it all kicks off. For some reason, they don't want that to happen now - it's as if they're waiting for something. Perhaps all their peices aren't in the right positions yet?
However, it is inevitable.

reply to post by Aestheteka


Sounds like the Greek people have been watching what happened in Iceland..

Many are starting to ask why they should face the burden of a debt brought on by their Government..

Yes you can argue that the people elected them but you can also argue that the leaders did many things against the wishes of the people..

The majority for example did NOT want the bank bailouts..

seems like a bizzare development.

this has no hope of passing.

unless the plan is to fake the result, tell people it passed and try to convince them that most people want this to work.

if this goes ahead and then fails it will be a catastrophe

40 mins into trading this morning in europe and I hear some banks are down 4% already. Looks like financial doom maybe here finally.

Originally posted by TheMindWar
40 mins into trading this morning in europe and I hear some banks are down 4% already. Looks like financial doom maybe here finally.

Well didn't the recent bailout call for the banks taking a 50% loss??

So I'd expect them to be down a little..
But no panic..Soon they'll just take it out of their customers..
No effect to their profits I'm sure.

Analysis - the proposals are very distasteful to the people, compared to what they have known.

Prediction - based on the stock market's reaction, if this incredibly ill-conceived idea of a referendum is true, then the world capital markets are in for a... imagine an overhead powerline... falling on top of you... and reaching up to try to stop it from hurting you.

reply to post by Aestheteka


I can't help but feel a game is being played here... and to be honest I am not sure what it is, but it stinks of smelly fish.. it seems to me a lot of dragging heels is taking place as tho (I think you rightly said) not all the right pieces are in place yet. *scratches head* I do wonder what the heffalumps they are playing at.. but I can not help but feel this does not bode well for us all.

reply to post by thoughtsfull


Conspiracy theory alert...

The people who live well from the industries that make products that enable war, need conflict and stable soundbites from talking heads, to feed the revenues and incipient strifes around the world and within our psyches.

Peace sucks for them, and go Colts.

I too will be watching this develop with interest (hmm, that wasn't an intended pun). Does giving The People a referendum also categorically mean that they will be follow the results of that referendum or are just letting them think they have a say? I mean, they had a referendum here about being a EU member. The Dutch people said no as did the French. The politicians still went ahead though. I think they even had 2 referendums but my memory is sketchy on that.

reply to post by surfin4it


*another conspiracy alert*

And I got a sinking feeling when British PM Cameron announced the UK and France would be *cough* sharing resources in a new military treaty... I always think treaties between Britain/France/Germany tend to bode ill for the world (as they usualy have for the last 300+ years) and sadly my gut feeling was that Libya ended up a live fire exercise to test this new military treaty..

On top of that the UK is now sharing nuclear weapons facilities and secrets with France, the UK already shares it's facilities and secrets with the US which kinda leaves me feeling as though a new 3 way or "triple entente" has been created, which I also feel does not bode well for the rest of us.

Russia's offered to give 10 billion euro and China's already agreed with Sarkozy to give 100 billion.
What's the betting they want a nice port facility in Greece in return?