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Greek Leader Calls Off Referendum on Bailout Plan
NY Slimes ^ | 11/3/11 | RACHEL DONADIO and NIKI KITSANTONIS

Posted on 11/03/2011 12:08:33 PM PDT by markomalley

After a tumultuous day of political gamesmanship, Prime Minister George Papandreou called off his plan to hold a referendum on Greece’s new loan deal with the European Union, opened talks on a unity government with his conservative opponents and vowed to continue in office despite rumors he would resign.

In an address to his party’s central committee on Thursday evening, Mr. Papandreou said there was no need for a referendum now that the opposition New Democracy Party had said it would back the debt deal. He invited that party to become “co-negotiators” on the new deal.

“The question was never about the referendum but about whether or not we are prepared to approve the decisions on Oct. 26,” he said, referring to the European Union debt deal. “What is at stake is our position in the E.U.”

(Excerpt) Read more at nytimes.com ...


TOPICS: Foreign Affairs; Front Page News; Government
KEYWORDS: greek; referendum

1 posted on 11/03/2011 12:08:35 PM PDT by markomalley
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To: markomalley

Get ready for more riots.

His people are not going to like having this decision yanked out of their hands.


2 posted on 11/03/2011 12:12:06 PM PDT by Buckeye McFrog
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To: Buckeye McFrog

Can’t say that I blame them for that.

Its pretty much over no matter what they do, from what I read...

They are merely staving off the inevitable, it sounds like...not just Greece but all of Europe.


3 posted on 11/03/2011 12:19:12 PM PDT by Adder (Say NO to the O in 2 oh 12)
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To: Buckeye McFrog
If I lived in Greece this would probably push me into joining the riots. Imagine if the Chinese started throwing their financial weight around to force us to obey their budget instructions and the Republicans put up a little fight but then finally rolled over for them.
4 posted on 11/03/2011 12:20:52 PM PDT by KarlInOhio (Herman Cain: possibly the escapee most dangerous to the Democrats since Frederick Douglass.)
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To: Buckeye McFrog

it was seen as a catch 22.

it was a no win vote for the people but it was designed as a hit on the EU,


5 posted on 11/03/2011 12:22:17 PM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: KarlInOhio
I see your point — sovereignty is sacrosanct. However, no one forced any country to take on this debt. The best solution would have been to avoid ruinous debt in the first place.
6 posted on 11/03/2011 12:33:24 PM PDT by USFRIENDINVICTORIA
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To: KarlInOhio

seiu does that


7 posted on 11/03/2011 12:38:21 PM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: KarlInOhio
Greece is something around 50% state-employed.

Pompandreau is a serious socialist; his claim to fame is getting Greeks on the dole. I wouldn't think you'd want to riot alongside communists.

Pompandreau's leadership is finally done.

8 posted on 11/03/2011 12:51:43 PM PDT by Siena Dreaming
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To: markomalley

This figures since the voters (who know little or nothing about finance or economics) would vote it deal. IF it really reduces the debt by half as we have been told there is not going to be a better deal coming down.


9 posted on 11/03/2011 12:52:45 PM PDT by arrogantsob (Obama must Go.)
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To: markomalley

Not like European elites ever cared about real democracy


10 posted on 11/03/2011 1:33:33 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: Adder

Just let it collapse. It’s easier in the long run than holding it longer and longer with bailouts.


11 posted on 11/03/2011 1:34:28 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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Celebrate Jim's Birthday!

Click On The Balloons And Party!

12 posted on 11/03/2011 2:25:50 PM PDT by DJ MacWoW (America! The wolves are here! What will you do?)
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To: markomalley
So let's see, instead of refusing the EU's bailout and defaulting on their loans, Greece has chosen to accept the bailouts and still default on their loans.

And other entities are going to go along with loaning Greece more money, even though the current bond holders will lose 50% of their investments, never mind the fact that even having to borrow more money shows that none of the problems have been fixed.

And over here, only 397,000 people lost their jobs last week.

And based on all of this good news, the DOW shot up 208 points today. I guess I just don't understand economics, because all of this sounds like bad news to me.

13 posted on 11/03/2011 2:26:20 PM PDT by TwelveOfTwenty (Compassionate Conservatism? Promoting self reliance is compassionate. Promoting dependency is not.)
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