Eurozone Deal Crashes in 5 Days

The deal to rescue the Euro hit a major roadblock today when Greek Prime Minister George Papandreou announced he was going to hold a referendum on the bailout. This essentially leaves the rescue plan for all of the Eurozone up to the citizens of Greece. The events have unfolded so fast that the Athens News has a live blog on the issue, and the UK’s Telegraph newspaper has instituted a live news feed. European bank stocks sank 6.21% from the news. US bank stock slid as well. The Fins have declared that a vote against the bailout would be the end of Greece’s Eurozone membership. I don’t think they will have to wait that long. In the end, I think cooler heads will prevail (i.e. Merkel and Sarkozy), and Papandreou will back-off the referendum issue. Even so, the Greek Parliament may dissolve and call for new elections which puts the bailout in limbo again. Oh where do we go from here?

Is George Papandreou waving goodbye to the Euro?

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One Response to Eurozone Deal Crashes in 5 Days

  1. Pingback: Papandreou’s Referendum in limbo just like the Eurozone | RicRx

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