Greece to hold referendum
Discussion
On the bailout package.
http://www.bbc.co.uk/news/world-europe-15526719
So what's Papandreou up to.
He'll campaign in favour in the almost certain knowledge the Greeks will vote against.
He's not that daft, what's his plan?
http://www.bbc.co.uk/news/world-europe-15526719
So what's Papandreou up to.
He'll campaign in favour in the almost certain knowledge the Greeks will vote against.
He's not that daft, what's his plan?
Norfolkit said:
On the bailout package.
http://www.bbc.co.uk/news/world-europe-15526719
So what's Papandreou up to.
He'll campaign in favour in the almost certain knowledge the Greeks will vote against.
He's not that daft, what's his plan?
He's playing poker with a limited hand, but this may just help to keep the Generals at bay.http://www.bbc.co.uk/news/world-europe-15526719
So what's Papandreou up to.
He'll campaign in favour in the almost certain knowledge the Greeks will vote against.
He's not that daft, what's his plan?
Norfolkit said:
But presumably he's expecting a 'no' vote which he'll honour (not the norm for Euro No votes, being honoured).
Will he use that as a mandate to pull out of the Euro?
If so what's the Piggy implication.
Would be so sure of a no vote. The population might want to say no to the terms of a bailout but they also want to stay in the Euro. They can't have both.Will he use that as a mandate to pull out of the Euro?
If so what's the Piggy implication.
Norfolkit said:
But presumably he's expecting a 'no' vote which he'll honour (not the norm for Euro No votes, being honoured).
Will he use that as a mandate to pull out of the Euro?
If so what's the Piigs implication.
I think he may have realised that the Germans have no intention of fixing Greece. He can't bail Greece out of the Euro - his position is too weak. But a decisive referendum (and it's not going to be 51%-49%) will be too much for even the EU to ask them to go again; they don't have any more money to throw at Greece. It means that he'll lose a confidence vote and will have to resign, but I think he knows that by dropping out of the Euro he has a possibility of getting in next time round, once the economy has fixed itself. Will he use that as a mandate to pull out of the Euro?
If so what's the Piigs implication.
Fittster said:
Police State said:
He's playing poker with a limited hand, but this may just help to keep the Generals at bay.
Greek or German generals?If I were a bond holder that had just agreed to a 50% write down in an effort to resolve their dilema I would be irked that he has the nerve to hold a referendum.
Anyone know if it's binding (they usually aren't, or UK wouldn't have landed in the common Market
)
About time they started paying some domestic income tax.
Anyone know if it's binding (they usually aren't, or UK wouldn't have landed in the common Market
)About time they started paying some domestic income tax.
Well, the markets don't like it... http://www.bbc.co.uk/news/business-15533940
The interesting thing is that should Greece vote no and default, we may see demands for the same for other countries which have weak governments, high debts, and demands from Merkozy to cut spending. Italy for one. This possibility alone will make it for more difficult for them to borrow.
It certainly looks like last week’s magic resolution is rather irrelevant to the whole situation. At the time it was clear that it merely papered over the cracks. When it came down to actually making spending cuts, these countries simply don’t have the political will. We saw this when Greece was required to stop giving words and promises, and start real cuts. We will see the same in Italy. It’s not possible that they will remain within the Euro for this reason.
It certainly looks like last week’s magic resolution is rather irrelevant to the whole situation. At the time it was clear that it merely papered over the cracks. When it came down to actually making spending cuts, these countries simply don’t have the political will. We saw this when Greece was required to stop giving words and promises, and start real cuts. We will see the same in Italy. It’s not possible that they will remain within the Euro for this reason.
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