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EU/IMF: Greek Referendum on Dec 4; Freeze €8bn Tranche

What a glorious failure for the Greek … “Dream Team” in Cannes! EU leaders and IMF technocrats dictated that the Referendum will be held on December 4th, 2011 and that they will freeze the €8-billion aid tranche until Greeks vote YES. Furthermore they demanded that the question will not be on the October 26th-loan-agreement but on whether the Greeks want to remain in the euro-zone. The generously let the Greek government decide about the …wording of the question.

Greek PM George Papandreou came under intense pressure by the EU/IMF to cancel the referendum. He told them that he needed a broader consent for this tough programm. And he insisted. A stubbornness that costs the country 8 billion euro!

After the meeting Papandreou told reporters “It’s all for the benefit of Greece.”

So Greek citizens are now blackmailed and have to decide on the €uro, not on the loan agreement. The majority of Greeks are for the EURO – or at least they were before this disaster tonight.

The only way to escape the referendum is PASOK deputies to refrain for giving a vote of confidence to this government.

I am speechless – and it’s late at night.

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  1. I’m now an American citizen but my grandfather was Greek so I think (maybe wrongly so) that I have the right to make this comment. When someone ask my opinion about what is going on on Greece I always reply with a question: “Let’s assume you are an ordinary Greek citizen and you have two options, the first one will bring you great pain and sadness for two or three years and then you will be able to move on and you will have a new chance to start all over again. The other one will minimize your initial pain and will help you ‘save-face’ but you, your children, your grandchildren and your grand-grandchildren will suffer quietly for three generations and will pay during all the three generations the bill that your generation so irresponsibly generated, which one of the two choices you will take?”

    • That’s an easy one, I will choose the one that helps me save face and gives me instant gratification, of course! That’s what we have been choosing for the last 60 years, why would we change that?

  2. I am speechless – and it’s late at night.——– I’m surprised you’re speechless at the outcome. I feel so sorry for all those that actually believed they’d get a democratic vote in a referendum, I knew if the EU allowed one they’d dictate the terms, they wouldn’t allow a ref on the bailout package as if Greece voted no to the new bailout other countries like Ireland, Portugal, Italy would all do the same, that’s why it’s an in or out ref, they’ve got you by the proverbials. As for Papas stubborness, all theatrics, he must have known before he went to Cannes what the outcome would be, it couldn’t have been any different. In fact I’d be surprised if the referendum is held, I suspect a deal before the 4th Dec. I really can’t fathom why you’d want to keep the euro, a one size fits all currency was always going to be a big problem when financial crisis arose (beneficial crisis for the EU), and the witch Merkel will do ANYTHING to save it and German exports & banks, Sark (the shark)will do ANYTHING to save French banks and his election chances. The euro might be easier than changing currencies for holidays but that’s all it’s good for, it increased prices and the last couple of years it’s harmed Europes tourism trade, many are taking holidays in East Europe that doesn’t have the euro. Go back to the Drachma, devalue, holiday makers will come to Greece and help your economy.

  3. Venizelos wasn’t exactly speechless when he arrived back in Athens this morning: Venizelos breaks ranks, challenges euro referendum… and he seems to have concluded that the European lenders are deadly serious this time. Having seen the press conference of Merkel and Sarkozy, it looked so indeed.
    Guess you were right, they did not fly back on one plane. 😉

    • I know I probably go over the top where the EU is concerned but I can’t help it, I hate this elistist organisation with a passion, I hate to see what it’s doing to ordinary people all over Europe, especially the Greeks at present, no doubt our turn will come around before too long. But I really do wish you all the best and hope things turn out well. 🙂

      • we got your point, Rose, but it gets tiring… sorry!

        • I’m sorry you feel that way, but I can’t help what I think, and I won’t change. But methinks the real problem is that for some reason or other I’ve really aggravated you, I have a fair idea why, but please don’t be sorry on what you think of my opinions, it’s your prerogative, especially as you made it abundantly clear on another thread. But tell me KTG would you rather I lied and praised the EU/euro so as not to tire you. I think I’ll do you a favour and refrain from commenting, I’ll still read the blog though, hopefully this will untire you and make you happy. But as stated good luck.

  4. “EU leaders and IMF technocrats dictated that the Referendum will be held on December 4th, 2011 and that they will freeze the €8-billion aid tranche until Greeks vote YES. Furthermore they demanded that the question will not be on the October 26th-loan-agreement but on whether the Greeks want to remain in the euro-zone”

    What more proof do you need to demonstrate how undemocratic and out of touch with real people these EU politicians are? How dare they?! I don’t ever remember seeing their names on Greek election papers? The Greek people should get out of the Euro and out of the EU whilst they still have a country left. Otherwise Greece will soon just be a minor province of a “greater Europe” run by people like these two bullies. What Germany has tried to do twice by force, namely dominate Europe, they are now doing quasi-politically. We all need to stop them a third time!

  5. The whole situation in Greece is out of control. And regardless what, its gonna get difficult.
    But, I honestly believe, the best way out, would be OUT of the euro!! Yes, we are already struggling, but trust me, staying in the euro and you will never be able to own your own underwear again!!.. With the drachma, you will have a chance.. It will be hard work, but there will be light at the end of the tunnel.. Continuing with euro and you never see the light again!!!… You are all just being used to save the euro.. Nothing else.. Have a look at what was said by economic-experts before the euro started… Thank god, we were asked in DK, and thank GOD we voted no even though we also where threatened to hell if we didnt say yes!!… ITs the EU-style.. Threats and threats until people say yes!..