Posted on 11/02/2011 10:23:07 AM PDT by Cincinna
The decision by Greece to hold a referendum on the eurozone rescue deal was a bombshell for President Nicolas Sarkozy that not only upended final preparations for the Group of 20 meeting in Cannes but also threatened to damage his re-election strategy. Mr Sarkozy had worked long and hard to secure the rescue deal, finally agreed in Brussels in the dead of night less than a week ago, to smooth the way to the summit of the world’s leading economic powers in Cannes starting on Thursday.
The plan was for the G20 to reinforce the eurozone plan and allow Mr Sarkozy, the summit host, to present a united response to the sovereign debt crisis and a positive message of support for the faltering global economy.
That in turn was meant to be a platform from which the French president could launch his campaign for next April’s presidential election.
Instead he was forced back into crisis management mode as stock markets tumbled, including the Paris bourse, where shares in French banks, heavily exposed to Greece and Italy, once again saw double-digit falls during a torrid day reminiscent of the worst phase of the crisis in August.
The Paris bourse closed down 5.38 per cent.
The Elysée was careful not to descend into public recrimination. But a sense of the government’s fury was conveyed by members of Mr Sarkozy’s centre-right UMP party. “I deplore this decision, which seems completely irresponsible on the part of the Greek prime minister,” said Christian Estrosi, the mayor of Nice and a parliamentary deputy.
(Excerpt) Read more at ft.com ...
FRANCE24 is an excellent website in English and French with news, Euro crisis and election coverage, videos, great App for iPhone & iPad
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The G20 with Sarko presiding, meets in Cannes to try and deal with TGE Euro crisis, and the Greek problem.
The dregs of Europe are gathering in protest. The anti-Globalists, ecologists, hippies, IWO, the usual suspects, are massing in protest. The border between France and Italy has been sealed, and French National Police (CRS) are massed in full riot gear, tear gas in hand.
OWS will seem like a garden party in comparison to the violent protests and appropriate police response.
Watch the videos at France 24 for a clear idea.
www.France24.com
Will Obama show up.......à suivre
Just posted on FR..report of another Turkish flotilla heading for the Gaza coast....perfect timing with the G20 arriving...coudl be interesting..
The fact that a local plebiscite in Greece could cost the President of France his job tells you all you need to know about why the EU is totally unworkable.
Well, TBH, the EU should come to the realization that they need a mechanism for jettisoning states as well as admitting them to the EU.
According to an article posted here earlier, the G20 meeting in Cannes is being protested by a group of naked people wearing nothing but Robin Hood hats.
OTOH, I can’t say that I think that the G20 and the EU supporters make a lot more sense than the protesters. At best, it’s an excercise in kicking the can down the road.
Likely play out like the weirdos that showed up at the Coppenhagen summit for global warming...really weird and wired people....they never know why they are at an event except they’ve been called to them by the leaders of their mickey mouse clubs. The are ALL into ‘group think’...get them one and one and they cant make heads or tails what the issues are.
Wonder how Sarko made out at the emergency meet with Greece?....am just catching up on the days news....he sooo wanted to calm the waters before the G20. France is into Greece for billions so he’s definately not a happy camper about the referendum..hahaha...none of them are....
Greece just pulled their Ace and showed them all who really has the power in this affair....and they stood in shock!
Yep...but it won’t completely die out even if they let them fall. Sarkosy and others within the EU are planning a united Mediteranian group, which most in the EU were opposed to before... then Marbarak and GAddafi began their topple, and suddenly the EU was now interested in Sarkosi’s plan.....
Thanks Cincinna.
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