Showdown for the euro

Draghi’s Day One at ECB Blighted as Papandreou Seeks Referendum

By Simon Kennedy and Gabi Thesing

Mario Draghi’s first day as head of the European Central Bank was blighted by George Papandreou.
Italian bonds slid and the risk premium between German debt and the rest of the euro area increased after the Greek prime minister announced late yesterday he will hold a referendum on the terms of his country’s bailout.
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Comment: With impeccable political instinct, Papandreu chose the right move. Now it is take or break for the euro which has become ever more necessary. The crossroads has finally been reached. Soon we'll se which way will be taken.