Surprise Greek referendum risks blowing up euro zone

[marmar]

from the Globe and Mail (Canada):



Greece's Prime Minister said today his government will put the rescue package to a referendum and a confidence vote, saying he trusts in the decision of the Greek people.

But with Greeks so wildly opposed to Mr. Papandreou's austerity plan - strikes and demonstrations have been frequent and widespread - one can't help but wonder about the outcome.

Indeed, a fresh survey published on the weekend showed 60 per cent of Greeks aren't keen on the bailout plan struck last week at an EU summit in Brussels, which followed tense negotiations and inspection of Greece by the so-called troika of the EU, European Central Bank and International Monetary Fund.

The plan would see Greece's debt-to-GDP level fall to 120 per cent by 2020, but that's going to take a lot, given the country's bleak economic outlook. Also in the plan are measures to shore up euro zone banks, push holders of Greek debt to take a huge hit, and boost the region's bailout fund, known as the EFSF. .............(more)

The complete piece is at: http://www.theglobeandmail.com/report-on-business/top-business-stories/surprise-greek-referendum-risks-blowing-up-euro-zone/article2220106/

[tama]

1. Rathen than "risks"

'promises', 'gives chance to' or some other more positive expression would be preferable. Enough of fear mongering! :)

[earthside]

2. Smart move politically ...

... it is the right thing to do.

'Let the people decide' is always a good principle to follow in a democracy.

However, I think this means that the crash of the Eurozone is close at hand.

And that probably means the recession in the United States is going to deepen.

And that probably means that the 1% are going to feel compelled to tighten their grip -- look for more jackboots at OWS sites.

And that means .... ?

[Jackpine Radical]

4. Free Beer for All the Workers…

if you catch my drift.

[Poll_Blind]

5. I think I agree- because NO WAY does a politician want to get pinned with what....

...that bailout is going to do to Greece. The people know better than anyone that this bailout is Tha Shackles so I can't imagine they would vote for it.

PB

[Jackpine Radical]

3. Things are getting very interesting worldwide.

This, combined with the ongoing global Occupy movement, could blow up into quite a shitstorm. Like many crises, it is also perhaps a time of great opportunity for a new social order to arise.