Greece

Papandreau Holds a Referendum

Greek President George Papandreou puts the brakes on a Referendum vote

Papandreou’s waning popularity with both the Greek people and his own party, which holds only a slim majority, is the primary reason for his decision to announce the referendum. It is likely that it was only a ditch effort in order to shore up popularity with the people and, at least for Papandreou, to survive a vote of no-confidence to be held later which at this point is questionable as to how the vote might turn out. Papandreou has since started negotiations with the opposing party to form a transitional government in order to resolve the debt negotiations with the other European nations. This is the best course for Papandreou because he cannot be blamed for the likely somewhat unfavorable results of such negotiations for Greece. Even if a minimum of austerity is required of Greece and a maximum of relief is granted, it is an unpopular and difficult time even for the most capable and popular of leaders; hence the popular vote and deferment of responsibility to a transitional council.

Realist

http://www.spiegel.de/international/europe/0,1518,795746,00.html

http://gulfnews.com/business/economy/eu-crisis-dominates-gathering-1.923841

November 4, 2011 at 12:55 pm