Wednesday, November 2, 2011

Bank of Canada Governor Supports Greek Referendum

Thumbs up. This is nothing but pure logic. Without public support, Greece's plans had zero chance of succeeding.

This is so refreshing. Defying other bankers who want to save their own, Bank of Canada's governor Mark Carney said yesterday that he supports Greek Prime Minster George Papandreou's decision to hold a referendum.

The Ottawa resident Carney said: "In times of difficult structural adjustment, major fiscal austerity, tough decisions that governments such as the Greek government is contemplating, it is imperative that there is widespread support, broad democratic support for those measures because they will unfold over a period of time,"

"And if it's the judgment of the Greek government that (a referendum) is the best approach to validate that support, we fully respect that,"

Today the Greek cabinet offered its full support to Prime Minister George Papandreou to call a referendum on the Greek financial crisis.

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