Greece Creates Market Havoc Again; Referendum or Elections

When Greece had "been saved", here comes Greece again to overturn everything. The investor confidence on the leveraged ESPF plan is once again in limbo.


George Papandreou, Greece’s prime minister, announced a public referendum to approve a second EU bail-out agreement.
He did not set a specific date for the vote, hwoever, if it happened it si expected for January.

However, the opposition rejected the idea and said they want elections now.
Papandreou: “We have faith in our citizens, we believe in their judgement and therefore in their decision,” “All the country’s political forces should support the [bail-out] agreement. The citizens will do the same once they are fully informed.”

Polls published this weekend show over 60% of Greeks are opposed to the terms of the new bail-out, as it includes a further 100,000 job losses..

Antonis Samaras, the conservative opposition leader, immediately rejected the referendum, saying it was “not the way out”. “The only option is elections and, like Ireland and Portugal, to request the obviously necessary changes in the bail-out agreement,”