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Greece Pm Papandreou Say He Will Call A Referendum On Last Week's Eu Bailout Deal

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well this is gonna get very awkward.

wasint it about 96% that wanted to default?

goodbye to the euro

Why do people always say that a Greek default would mean the end of the Euro? That's complete nonsense.

Also we have seen in Ireland how people under economic duress vote.

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Why do people always say that a Greek default would mean the end of the Euro? That's complete nonsense.

Also we have seen in Ireland how people under economic duress vote.

I would expect a euro exit by Greece to be very unforgiving on the borrowing rates of Spain, Italy, etc. Who knows what the consequences would be?

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from bbc

Greece will hold a referendum on a new European Union aid package intended to resolve the country's debt crisis, Prime Minister George Papandreou says.

Mr Papandreou said a vote of no-confidence would also be held on the deal - but no dates were set.

The package envisages losses of up to 50% for private holders of Greek debt and a new 100bn euro loan ($140bn).

There have been large-scale protests in Greece against the austerity measures introduced by the government.

Mr Papandreou said his government trusted the judgement of Greek voters.

"The command of the Greek people will bind us", he is quoted as saying by the AFP news agency.

An opinion poll published on Saturday by a newspaper, To Vima, suggested that the majority of people in Greece viewed the EU bailout package in a negative light.

Mr Papandreou has faced growing dissent from within his own Socialist party over the impact of the austerity measures on the country.

The party's approval ratings have plunged and its parliamentary majority has been cut.

The EU deal was reached after lengthy talks last week.

After the agreement was announced there were protests in several cities around Greece.

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Why do people always say that a Greek default would mean the end of the Euro? That's complete nonsense.

Also we have seen in Ireland how people under economic duress vote.

Goodbye to an insignificant part of the Euro

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Greeks are just playing "chicken" with the Germans, but we all know which one has more to lose.

If the people vote "no", it doesn't mean there will be a Greek default. It will just go back to Germany/France and they'll be forced to come up with better terms. For all their hard rhetoric...there's no way either of them would want a eurozone member to default, and Greece is too small a country to not bailout.

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So basically this deal involves a voluntary haircut that nobody volunteered for, use of some money that won't exist when it's needed to leverage up 4-5 times by borrowing off a country that isn't going to lend, and agreement to be bailed out by a country that um, doesn't agree to be bailed out.

You've got to hand it to Merkozy. It was a stroke of ******ing genius, this one.

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Trust the Greeks to have the balls to use democracy.

Perhaps the Nazi's and the surrender Monkeys should take note?

They don't have the integrity to repay though. No houses in central London will be forced onto the market, Stavros will keep his loot.

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Mean while at a stock exchange near you.........

Reactive fire fighting to resume once again then?

I really do not think that these politicians have a clue about what is happening or what to do about it.

I'm not sure they will understand it in 20 years when reading the history books, which is probably best for them.

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Mean while at a stock exchange near you.........

Reactive fire fighting to resume once again then?

I really do not think that these politicians have a clue about what is happening or what to do about it.

I'm not sure they will understand it in 20 years when reading the history books, which is probably best for them.

you presume they'd be alive?

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Should be quite interesting what the result of this referendum will be (and what the question is exactly).

The quoted opinion poll result (http://www.msnbc.msn.com/id/43451145/ns/business-stocks_and_economy/t/most-greeks-negative-eu-summit-deal-poll-says/#.Tq73WYIglBl) is a bit curious.

On the one hand, the poll quotes 60% of Greeks seeing the bailout deal as negative, 36% seeing the deal as positive... but on the other hand, three quarters of the people polled wanted to stay in the Eurozone, with less than 20% wanting Greece to leave and go back to its own currency.

So it's not inconceivable for people to accept the bailout rather than risk losing the Euro....

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How many times will the Greeks be allowed to vote no?

Will they be hold a referendum every day until the electorate is worn down to say yes? Or will the referendum paper just have the Yes box and nothing else to tick?

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Would be amazed if it was anything but a big 'YES TO THE BAILOUT PLEASE' result.

oh how i would love them to tell europe to go take a hike and they wont sell their childrens futures to the bankers.

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oh how i would love them to tell europe to go take a hike and they wont sell their childrens futures to the bankers.

Me too. Just can't see it happening though.

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Why do people always say that a Greek default would mean the end of the Euro? That's complete nonsense.

You're right... the end of the Euro would be the least of their worries. All those CDSs being triggered at once. And don't beleive any of that BS about them all being hedged to zero. Where there are big winners, there are big losers.

well done to greek pm in letting the people deciede. more than we get to
Basically he's abdicated responsibility. He knows what the result will be, he just wants someone else to say it.
If the people vote "no", it doesn't mean there will be a Greek default. It will just go back to Germany/France and they'll be forced to come up with better terms. For all their hard rhetoric...there's no way either of them would want a eurozone member to default, and Greece is too small a country to not bailout.
There wont be enough time for a second try.

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Greeks are just playing "chicken" with the Germans, but we all know which one has more to lose.

If the people vote "no", it doesn't mean there will be a Greek default. It will just go back to Germany/France and they'll be forced to come up with better terms. For all their hard rhetoric...there's no way either of them would want a eurozone member to default, and Greece is too small a country to not bailout.

Yeah, I suspect Papa has laid his ace on the table. Risky. Probably requires extra bribes from German taxpayers before the polling date.

Or maybe he's just dressing himself in the batsuit of patriotism before the end of the movie.

It also guarantees referendums in other countries, whereas last week the only possible one was in Germany - which they won't risk.

I wonder if the Irish would vote Yes to a deal. Up to last month it looked like they were going to elect a Dragons Den property developer as president (seriously, people only knew him from the Irish version of the TV show), but in the end they went heavily in favour of an old time socialist - a decent 'aul skin. I reckon the new president will send any bailout legislation for supreme court approval, expecting a ruling that requires a referendum. Pity the previous president didn't do it with the blanket guarantee of Irish bank debt.

Interesting times ahead.

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Yeah, I suspect Papa has laid his ace on the table. Risky. Probably requires extra bribes from German taxpayers before the polling date.

More like a pair of twos. :)

Merkel called his bluff and he ends up with Greek pensions and banks ravaged while French and German banks come out of this whole.

Realising he's been beaten he's now raising the stakes and going 'all in', aiming for mutually assured destruction. A total d*ckhead IMO.

There's also the persistent rumour of several billions in CDSs held by a Swiss company that would be controlled by a handful of Greek politicians. These would be worthless should a CDS-less default take place. Maybe he's just after a few billions.

Either way, one thing is close to 100% sure: Papa doesn't care one bit about the people of Greece, if he calls a referendum it's for his own ends.

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More like a pair of twos. :)

Merkel called his bluff and he ends up with Greek pensions and banks ravaged while French and German banks come out of this whole.

Realising he's been beaten he's now raising the stakes and going 'all in', aiming for mutually assured destruction. A total d*ckhead IMO.

There's also the persistent rumour of several billions in CDSs held by a Swiss company that would be controlled by a handful of Greek politicians. These would be worthless should a CDS-less default take place. Maybe he's just after a few billions.

Either way, one thing is close to 100% sure: Papa doesn't care one bit about the people of Greece, if he calls a referendum it's for his own ends.

well he has called a referendum, and wtf is wrong with letting the people deciede?. or do you not like democracy or think the people are too stupid to know whats best for them.

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You're right... the end of the Euro would be the least of their worries. All those CDSs being triggered at once. And don't beleive any of that BS about them all being hedged to zero. Where there are big winners, there are big losers.

Yep- the fiction of a 'volutary' haricut will be hard to sustain in the face of a total default.

So maybe that law in the US that made it illegal to regulate derivatives was'snt as clever as it seemed at the time? :lol:

http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000

Maybe the least 'nuclear' option will be to to simply refuse to recognise a bunch of 'over the counter' CDS contracts on greek debt and take the hit to borrowing cost's.

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a total default and in 6 months time greece will be the darling of europe, everyone will be talking of the greek tiger ect ect.

and then they could perhaps start repaying some debt.

as it is they will never pay it and have no money after paying the bank charges.

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