Papandreou’s Referendum in limbo just like the Eurozone

Greek Prime Minister George Papandreou says that Greece may not have to hold a referendum if talks with Greek opposition parties result in support for the bailout. In backing off his position the Prime Minister said the referendum “was never a purpose in itself“. It sounds like Papandreou sent the Eurozone into a tizzy to get support from his opposition back home. Once Nicolas Sarkozy and Angela Merkel declared that the referendum was a vote on Eurozone membership, Greek leaders were spooked into supporting the bailout.

This story is a real soap opera. Be sure and follow the Telegraph’s live news feed to see what happens next. Also you can get some background from my previous posts:

Will the Euro ultimately fail?

Eurozone Deal Crashes in 5 Days

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