Markets bet again that the euro will go

Greek referendum call pummels markets

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

Pan Pylas, AP Business Writer, 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
Mais
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.