Global News Journal
Beyond the World news headlines
from Jeremy Gaunt:
It seems as if almost everyone was surprised by Prime Minister George Papandreou's decision to hold a referendum on the euro zone's bailout package for his country. At the very least, it can probably be said that he is weary of being hammered from all sides -- his own party, the opposition, the people on the street, Germany, the tabloid press, you name it.
A lot will obviously depend on what question is asked. Do you want an end to austerity, would get a clear yes vote. Do you want to leave the euro zone -- perhaps not.
Financial markets, however, do not initially appear content to wait. Talk of an end-of-year rally is off the table (at least for now). It's not exactly χάος (chaos) out there, but Papandreou's experiment in δημοκρατία (democracy) has sent the whole euro zone project into a new, risky phase.
It was a typo, but RBS's take on the Greek referendum this morning will have had some resonance:
The Greek debt crisis appears to be entering a new phase, in which the country is no longer just waiting to get needed help but getting concerned that others -- including euro zone powerhouse Germany -- may actually be making it hard for them to recover.
First, there is Prime Minister George Papandreou (right in photo). His concern is that speculators are pushing the cost of borrowing so high that it is undermining the plans he has put in place for deficit reduction. Papandreou is known for being a mild-mannered sort, so any kind of irritability is worth noting.