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Greece to hold referendum on EU bailout
Greek Prime Minister Georg Papandreou has called a referendum on the new EU bailout package, amid risks that a no vote could spell disaster for the eurozone.
Papandreou said if the Greek people do not want the deal that is designed to slash the country's mountain of debt by nearly a third, it will not be adopted.
He gave no date or other details on the proposed referendum, which would be the first in Greece since 1974.
"This will be the referendum: the citizen will be called upon to say a big 'yes' or a big 'no' to the new loan arrangement," he told Socialist members of parliament.
"This is a supreme act of democracy and of patriotism for the people to make their own decision ... we have a duty to promote the role and the responsibility of the citizen."
Papandreou said he would also ask for a vote of confidence to secure support for his austerity measures policy.
The announcement comes as Greece faces delicate negotiations with its eurozone peers on the details of last week's agreement and with global bankers asked to accept a 50% loss on their Greek debt holdings.
European leaders finally agreed the elements of the debt deal last week, following marathon talks in Brussels.
It was decided banks will have to accept a 40% write-down on any Greek debt they hold - higher than the 40% they had originally tabled.
It was also agreed that the €440 billion bailout fund will be increased to around €1 trillion.
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HAHAHA!!!
GOOD FOR GEORGIE. LET THE PEOPLE DECIDE...THAT'S DEMOCRACY!!!
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The EU tricked again. It doesn't stop does it?. Another hole in the EU wall,won't be long before it comes tumbling down.
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Default and leave the euro.
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Start the ball rolling for the break-up of the eurozone and the eu.
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You will have saved Europe if the eu is destroyed.
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Default and leave the euro.
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Start the ball rolling for the break-up of the eurozone and the eu.
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You will have saved Europe if the eu is destroyed.
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If the people of greece vote against the bailout. I say, let them defualt then, kick them off the euro and let them fend for themselves if that is what they want. That is freedom. Freedom always comes with a cost. And regardless if the vote is yes or no, Europe still needs to go through a hard times becuase you still are out all those billions. Today, Europe and the US have to share the wealth with many other countries and the lost wealth is other countries gain. NO is mentioning the great redistribution of weatlh across the globe. And that is not a bad idea as well. Today's wealth distribuion has gone to China, Brazil, India, Russia, etc. So Europe and America, start living within your means becuase money is not as free as it has been in the lat 25-50 years and I doubt it will be again.
