Skip to comments.Greek Leader Calls Off Referendum on Bailout Plan
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 Greeces 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 partys 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 ...
Get ready for more riots.
His people are not going to like having this decision yanked out of their hands.
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.
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,
seiu does that
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.
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.
Not like European elites ever cared about real democracy
Just let it collapse. It’s easier in the long run than holding it longer and longer with bailouts.
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.