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Well, the Greek Prime Minister, Giorgios Papandreu is either politically naive, a comic genius, or something more destructive, given his choice of timing to announce a referendum on the EU bailout of Greece.
As an integral part of the laboured negotiations and having spent weeks stating the case for help and a bailout the man has apparently gone and thrown the whole lot back in the face of fellow EU leaders and put the details to the mercy of a public vote.
It would have been nice if he had undertaken a referendum before going into the EU Summit. At least then he could have arguably represented his voting majority at the summit.
I have no doubt that Greece would have rejected everything, and then instantly defaulted. The EU could then have spent their efforts negotiating on how to address the predicted outcomes of the problem (expulsion of Greece, saving the Euro, and saving the banks), rather than trying to treat the symptoms.
As it stands, Papandreu has managed to put the whole process into reverse and wasted a huge amount of time and effort. Its a shame they can't send Greece a bill for everyone's time but who would pay it?
How long will it be before a vote can be arranged I wonder? Some media reports are suggesting January at the earliest!
Once again it highlights the weakness of the EU that minority "member" states (I include Greece here because they are the majority of the current problem but have done little towards a solution) can find a way to hold the whole lot to ransom to further their own agendas.
If they wanted out of Europe surely they could have asked beforehand, but then Greece wouldn't have had 2 handouts would they?
The US won't open until this afternoon and having seen MF Global file for bankruptcy yesterday on the back of betting on EU debt no doubt this news will start a rout on Wall St given that it is even more uncertainty in the inability of the EU to agree a decision, construct a plan, and implement it.
I really do not know what it says about the Greek Government or the EU? Shambolic to say the least but at worst....who knows!
Its not a case of jumping out of the frying pan into the fire, Papandreu looks to have thrown the frying pan in as well and set the kitchen ablaze.
Its not a case of jumping out of the frying pan into the fire, Papandreu looks to have thrown the frying pan in as well and set the kitchen ablaze.
Genuinely concerned now as I think the EU has already played its hand.
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