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Breaking News: Greek finance minister against referendum now!

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posted on Nov, 3 2011 @ 02:29 AM

Greek Finance Minister Evangelos Venizelos opposes holding a referendum on the country's euro zone bailout package, a finance ministry source said on Thursday.

"Under these conditions a referendum is exactly what the country does not need. He would not have objections if all our pending issues such as the loan installment and the completion of the bailout plan had been sorted out," the source told Reuters on condition of anonymity.

He had initially backed the referendum announced by Prime Minister George Papandreou on Monday.

So the Greek finance minister capitulates to pressure and breaks ranks with cabinet to support a referendum on the bailout.

This might be bullish for stocks.

The reality show continues.

posted on Nov, 3 2011 @ 02:54 AM
Given all the threats emanating from the Eurozone leaders to Greece I am not surprised that some will start to break ranks over this in an attempt to stop this run away train, however I do think it now impossible to stop a referendum going ahead, so I guess given the short time line to any referendum we will see a ramping of the threats of what will happen if Greece votes no.

What a mess and about to get messier.
edit on 3/11/11 by thoughtsfull because: (no reason given)

posted on Nov, 3 2011 @ 03:39 AM
The Greek Finance Minister backed the referendum as soon as the Greek Prime Minister announced it.
He said he changed his mind the very next day, probably to go with the flow and not take responsibility.
That indicates though that the finance minister seems to be acting as a puppet, unable to make his own
decisions and willing to act the way he is told. And this indicates that not only is he not suitable, but also
he is very dangerous for Greece, unable to protect its people.
As for the referendum itself, I strongly believe it would be catastrophic. Elections
would have had a much better, quicker and probably safer result, plus
a referendum might separate people and turn them against each other.
Remember that staying in the Eurozone is a crucial matter, and many
take it to their heart, so we might see hostility growing between the Greeks.
Greeks are afraid, and have been afraid for the past two years. A referendum
would have been extremely useful before bringing the IMF into the country.
Now it is just pointless. It only serves one purpose actually: so that the greek
Prime Minister will not be held responsible, aka when the answer comes out
negative, he will say: hey, I fought for us to stay in the Euro, but I thought it had
come to a point where people needed to speak up. The people spoke, it's a no,
this is not my fault. But in reality, it is his fault, because referendum or no, Greece
was either way about to leave the Eurozone, and not necessarily with its will. He is
actually trying to burden his tremendous failure on the Greek people (as I stated in another thread).

posted on Nov, 3 2011 @ 04:09 AM
Surely it should be up to the greek people where their countrys future is going, not a few beurocrats.

posted on Nov, 3 2011 @ 04:17 AM
I'd love to have been a fly on the wall when the 'discussion' between the finance minister and whatever lobby group(s) bent his ear in a manner that he did a 180 degree flipperooo in such a short period of time.

I'd also be generally interested in any offshore holdings or accounts that the finance minister has and a full accounting of any recent transactions.

The reality is, the Prime Minister is correct in allowing the people of Greece the opportunity to have their voices heard.

Just sayin'

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