Markets Plunge On Shock Greek Referendum Call

Markets Plunge On Shock Greek Referendum Call

news.sky.com

Markets around the world have fallen following the news that Greece wants to stage a referendum on the bailout deal designed to rescue the eurozone.

The FTSE 100 Index opened more than 2% lower, while Germany's Dax was 4.3% down and the Cac-40 in France lost more than 3%.
European stocks were down close to 3% overall and MSCI's all-country world stock index shed 1.7%.
Meanwhile, the Greek markets shed more than 6% on their opening.
Traders were reacting to Monday's announcement by Greek Prime Minister George Papandreou that he would put his country's bailout to a public vote.
It imm

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This is shocking news for all Europe and the World .Greek PM decide to put responsibility on Greek people so Greeks can decide they want to continue this game of bail out and more debts and austerity measures or Greece to default and go out of eurozone and start all over.

"Nobel prize-winning economist Professor Christopher Pissarides said the deal was the only solution to solve the debt crisis.
"If it's rejected, it'll be a disaster for Greece," he told Sky's Jeff Randall Live. "It'll be bad enough for the European Union, and the eurozone in particular, but it'll be far worse for Greece."
He said a 'no' vote would lead to Greece being declared bankrupt and being removed from the eurozone. Mr Papandreou would have to resign."

Sarkozy already in panic:
Sarkozy To Make Emergency Call To Merkel About Greek Referendum



news.sky.com
(visit the link for the full news article)

Seeming people dont understand how money works and the fact that markets are bound to fail eventually, every bit of reality like this people get is good.
The sooner people can realise that these things are only going to get worse and that banks control our world, the sooner we can fix the problems and make the world equal.
Financial news of late has been a rollercoaster and this is no accident. Its all very well planned out. How can it be mistake if people control the money?

reply to post by xavi1000

In the private market, serious hiring decisions take about one to three hours of management work. In the public market, serious hiring decisions take about 30 seconds to three minutes as people decide who to vote for. And the same applies towards referendums. The way people vote makes a complete joke out of democracy. At the same time, people would be even dumber than that to simply trust politicians. Better every last thing be put up for vote than allow criminals we call "politicians" to decide on anything at all.

I like the idea of Democracy but clearly it needs a serious overhaul.

This is why a one world govt. can never work
one region going down can bring everyone else with them

England was smart in keeping the pound

Originally posted by ModernAcademia


England was smart in keeping the pound

Yeah but they never gave us a vote over many of the big decisions on further EU integration. Hats off to this Greek leader actually having the decency of giving his people the right to decide their own future. Hey suddenly I just love the Greeks - democracy at its finest by those that invented it

reply to post by ufoorbhunter


Not really, they have been living way beyond their means for years. Almost all nations have too, i admit, but in Greece it is massively out of hand. They have been living on the 'never never' and now the debt collector is knocking at the door........

If Greece does default, it poses a serious question for the Eurozone at large - how much aid should go to Greece? They will clearly need it and to be honest they were pushed into an economic market that they were simply not qualified for so in many respects the Eurozone has a duty of care. On the other hand, they have clearly also made their own problems - should the Eurozone also be responsible for those?

Opposition Leader rejects referendum and insists on elections
greece.greekreporter.com...

Common Ground

The tragedy of the commons is playing out in Europe just as it does in practically every situation involving shared resources.

It is the pragmatic gremlin which sabotages every lofty ideal from Capitalism to Communism, is the Achilles heel of Democracy, and the principle which undermines every human relationship from business ventures to marriages to friendships.

Until some practical means of resolving this inherent flaw in human relationships can be developed -- if indeed it ever can -- problems such as economic instability in the Eurozone will continue to wax and wane, like so many pendula swinging from one extreme to the other.

Then again, these patterns are so ingrained in the human psyche that it's arguable true stability might well be the only thing worse.

Le excrement is hitting the fan. This is a big mess, each new fix causes new problems.

1/11/2011 (November 1st 2011)

Interesting date for this crisis to take place now...

Looks like November is going to be an intense month alright:

1) November 3rd 2011 - Deadline for Protesters at St Paul's Cathedral (London) to get out of the area
2) November 5th 2011 - Anonymous hacking facebook/Fox News + Bank transfer Day
3) November 8th - 11th - Pacific Tsunami drill simulation + YU55 pass by/collision
4) November 9th 2011 - Mass Student Protests planned in London (again) + FEMA nationwide drill in America
5) November 11th 2011 - ?

I'm just amazed they've been able to move around this made up debt so long, and keep making up new things to try and float it. It's amazing to watch, and one wonders what lie is next.

reply to post by xavi1000


Not disrespecting in anyway, but the problem with these "expert opinions" from these Nobel Prize Economists is that they are paid and bought for to spread the agenda of the Government and the Banks.

Sad but true.

Oh and just to add - this "Democratic" referrendum vote put forth by the Greek Government will be rigged anyways.

The results will probably be something like:

In Favour of the Austerity Measures: 52%
Against the Austerity Measures: 48%

Just so theres no cause for suspician of rigged results.

If this happens the EU is still screwed because the same problems will creep up after a month or so.

So basically, it really doesn't matter if the referrendum is rigged to even 100% in favour of the austerity measures because the EU is screwed anyway.

Originally posted by ModernAcademia
This is why a one world govt. can never work
one region going down can bring everyone else with them

England was smart in keeping the pound

It wouldn't matter in a one world government. Besides, there's different ways to interpret a world government, now isn't there? Personally, I wouldn't model it after nationstates and their economic systems.

PS Good on ya, Greece. You've gotten the EU imperialist leaders crapping themselves at the sight of democracy.

The sky is falling the sky is falling true democracy is still real

But lets talk why this is happening, do you know that before this so call "Referendum is in the news today"

Because earlier today, the news on Greece were this

Greek Health Minister Says Referendum Won’t Happen: Proto Thema
Next up: the army arrives in full party regalia to pay the capital a visit.

Then the news of the referndum were anounced, I am still trying to find out how truth were this frist news.

www.zerohedge.com...

It doesn't really matter whether they vote for it or against it as this only fixes the past problems for Greece and covers the asses of those who were either too greedy or too stupid to notice that the past governments of Greece have been living way beyond their means for way too long.

The whole damn world is in this mess. More debt, more pretend currency being created by the second in the form of interest that will continue to accure ad infinitum on debt that will never be paid off until eventually the vig won't get paid either.

So . . . if you state simply Greece is more screwed than a prostitute on Fat Tuesday, you will eventually be able to replace the word Greece with Italy, Portugal, Spain, England, The United States of America, Japan, Australia, Brazil, Mexico . . . pick a country and the sentence will still hold true.

So . . . if they vote 'yes' to the bailout, it just prolongs the inevitable and wastes a whack of dough that really doesn't exist.

If they vote no, they're screwed as in above only right now without wasting a whack of dough that really doesn't exist.

Toe-may-toe

Toe-mah-toe

Whatever.

I am no economist but these problems seem to stem from when more complicated financial logarithms (?) were introduced into the system. As a simple suggestion, can't we just take them out?

Seriously, as we are currently onto a global loser, why can't we just reset the financial systems? Im sure someone can come up with a simple reason as to why im being an idiot by suggesting this but at the moment i can't see a reason why we couldn't

Originally posted by Flavian
I am no economist but these problems seem to stem from when more complicated financial logarithms (?) were introduced into the system. As a simple suggestion, can't we just take them out?

Seriously, as we are currently onto a global loser, why can't we just reset the financial systems? Im sure someone can come up with a simple reason as to why im being an idiot by suggesting this but at the moment i can't see a reason why we couldn't

It's all gobble-D-gook for the following:

We spent more money than we took in so we devised a way to make the little pile we have look bigger by lending out money that we said we had in that bigger pile to try and make the smaller pile bigger using the pretend bigger pile to lend and make the smaller pile bigger and it kinda got away on us . . . so here we are . . . we say we've got a lot of money and we now apparently owe a lot of money to another country who did the same thing and used our pretend money to make their pretend pile of money look bigger and they now apparently owe a lot of money to another country who did the same thing and used our pretend money to make their pretend pile of money look bigger who in turn went to another country and now apparently owe a lot of money to another other 'nother country who did the same thing and used our pretend money to make their pretend pile of money look bigger . . . it's actually the biggest baddest ponzie scheme ever. If you did it at home, you'd get arrested. We did it here and all over the world and we got bonuses and re-elected and stuff like that.

Greece just didn't raise taxes enough to support the little pile to use to make it look bigger and the money they got from the other countries to make magnify their little pile is actually gone now so they've got no pile to make bigger and the other pretend bigger piles in the other countries aren't as pretend big as they were before and that's got people nervous because the littler piles are shrinking and people are on to the fact that their big piles aren't big at all and eventually there won't be any littler piles left to pay the interest and it'll be Greece all over again only with another country instead of Greece.

Get it?

Me neither.

This call by Papandreu is weakened the euro already and strengthen the dolar ...euro will colapse probably if Greeks vote no and dolar will be raised more ...maybe Papandreu is hidden US player