Tuesday, November 1, 2011

Markets bet again that the euro will go

Greek referendum call pummels markets

Greek call for referendum on rescue plan pummels stock markets, euro


, On Tuesday November 1, 2011, 10:22 am EDT
LONDON (AP) -- Markets plunged Tuesday on fears that Europe's plan to save the euro was already unraveling after the decision by Greece's leader to call a referendum on the country's latest rescue package.
Should the Greek government lose the referendum vote -- and opinion polls say it's going to have real trouble getting enough support -- then the implications for Greece and Europe are massive. The vote could end up deciding whether Greece remains in the 17-nation euro currency union.
Markets, it seems, are taking the view that Greek Prime Minister George Papandreou won't be able to pull off a come-from-behind victory -- assuming that his government holds together. Papandreou saw his parliamentary majority cut to 2 seats Tuesday after one lawmaker defected, and at least seven more Socialist deputies have called for the formation of a cross-party, national unity government.
"Talk about your all-time bonehead moves," said
Comment: The Greek game is no fun anymore. Too many irrational players, too many nonsensial dialogues. All is a bad script. The movie needs to be stopped. A film without heroes and mostly scoundrels and crooks is no fun to watch.

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