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Mystic Rab

Euro Disnae Work from May 2010

Meltdown?

Crikey!

Greece is to hold a referendum on the bailout!

Here’s what Greek news site ekathimerini.com report as the prevailing mood in the country.

“The announcement by the premier came a day after an opinion poll found that 60 percent of Greeks view Thursday’s EU debt deal – involving a 50 percent writedown of the country’s debt and another 130 billion euros in loans – as negative.”

Every political opponent of PM George Papandreou has condemned the proposal (again from ekathimerini).

Centre right party New Democracy: “Mr Papandreou is dangerous,” said ND spokesman Yiannis Michelakis. “He has tossed Greece’s future in Europe in the air like a coin.”

Greek Communist Party: “No to the blatant blackmail and the ideological terrorization of the people,” said spokesman Makis Mailis.

A few hours before Papandreou called for the referendum, the Coalition of the Radical Left (SYRIZA) met with Papoulias and asked the president to use his powers to convene a session in Parliament to discuss the debt deal agreed with the eurozone. Later, SYRIZA leader Alexis Tsipras dismissed Papandreou’s initiative as a “trick.”

So the bailout which had virtually no chance of solving the euro crisis on its own anyway and is in any case a fragile and complicated compromise which relies on external factors, (China?) is to be subject to a referendum?

Or is this the last throw of the dice from a beleaguered Greek PM?

In any case it requires a parliamentary vote of confidence on Friday.

If it does go ahead though, then the EU can hardly take their historical stance on referendums and just ignore it.

Using your skill and judgement, how likely is it that people being asked to vote for austerity in a referendum are going to vote FOR it? – and lets face it, they have a point don’t they?

We’re doomed.

The euro crisis explained…..

I did post this some time ago (it has been doing the rounds for well over a year) but darned if I can find it. Antipodean satirists John Clarke and Brian Dawe explain the world economic collapse in three minutes.

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