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The leader of Luxembourg says that Greece will hold a referendum on a broad European bailout plan on Dec. 4.
Luxembourg Prime Minister Jean-Claude Juncker announced the date Tuesday after a meeting with Greek Prime Minister George Papandreou and other European leaders in the French city of Cannes. French President Nicolas Sarkozy said it would be Dec. 4 or 5.
Sarkozy said the next tranche of Greek rescue loans cannot be paid until after the referendum.
Juncker said, "it comes down to the question if yes or no, Greece wants to stay as a member of the euro area or not."
Why don't people understand that democracy = mob rule? Greece has a population dependant upon entitlements and they refuse to help themselves by cutting back. Meanwhile, tax evasion is a national past time which has made the Greek entitlement society insolvent at best and likely doomed.
ATHENS, Greece (AP) — Lawmakers on Wednesday began debating a confidence vote on the Socialist government — called after Prime Minister George Papandreou proposed a snap referendum on Greece's EU bailout deal.
The parliamentary vote could topple Papandreou's government, which only has a two-seat majority in the 300-member assembly as eight dissenting Socialist deputies have so far left or been expelled since he took office two years ago.
The debate is scheduled to last for three days, with a vote sometime Friday.
Several prominent Socialists are also calling for early elections, angry at how austerity measures are being imposed by their own government during the country's financial crisis.
Socialists and austerity are like oil and water, they just don't mix.
Like a broken clock, the Krugman Keynesian Klan is right in a tiny % of cases. Their cult leader, Paul Krugman, has suggested that Greece depart from the EU and massively inflate their own currency. I couldn't agree more. Then we can be "ugly Americans" visiting their country for cheap as their standard of living diminishes from hyperinflation, just like Argentina in the 90's.
Like a broken clock, the Krugman Keynesian Klan is right in a tiny % of cases. Their cult leader, Paul Krugman, has suggested that Greece depart from the EU and massively inflate their own currency. I couldn't agree more. Then we can be "ugly Americans" visiting their country for cheap as their standard of living diminishes from hyperinflation, just like Argentina in the 90's.
That's what I'm waiting for $200 nonstop flights to Athens and $40 a night 4 star hotel rooms! Ok maybe the flight part is overly ambitious
Like a broken clock, the Krugman Keynesian Klan is right in a tiny % of cases. Their cult leader, Paul Krugman, has suggested that Greece depart from the EU and massively inflate their own currency. I couldn't agree more. Then we can be "ugly Americans" visiting their country for cheap as their standard of living diminishes from hyperinflation, just like Argentina in the 90's.
I didn't know Paul Krugman said that. However, I also wrote the same in one of my posts.
In regard to the ugly American - Greeks have more to worry about than Americans and their behavior. The whole idea behind the Euro is at stake.
I didn't know Paul Krugman said that. However, I also wrote the same in one of my posts.
In regard to the ugly American - Greeks have more to worry about then Americans and their behavior. The whole idea behind the Euro is at stake.
The term "ugly American" is tongue-in-cheek from the days when it was cheap to travel to Europe, before our currency went to s**t.
If a third rate country drops the Euro and that causes it to fall apart, the Euro wasn't a very deserving currency to begin with.
It's the several hundred pound gorillas behind Greece that may be the problem..namely Spain, Italy and Portugal. You think Greece is the only country over there in big financial trouble ?
When, not if, Greece goes down in flames the Greek government will blame the people.
The government, the people, they're one in the same. It's time for the the Greek people to own up to their responsibilities, one way or the other.
I actually think this is a good idea. Greece will be ungovernable if the population can scapegoat some amorphous "government" for the inevitable pain that will come either way. This will force a much-needed robust public debate about a sustainable future of Greece, not just by politicians but by every-day people. A public consensus about what terms would be acceptable might emerge. That could give Papendreou leverage to go back to France, Germany, and the IMF and get more favorable terms. He can say "I really thought your last offer was generous, but my people wouldn't accept it. They will accept this, however. It's up to you to decide if it's better or worse than a hard default because that's our only other option."
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