Greece crisis: Papandreou's referendum is a gamble too far
The referendum announced on Monday by the Greek prime minister, George Papandreou, is probably the final bell before Greece defaults and quits the euro. Assuming it is not withdrawn amid all the political turmoil afflicting the ruling party, the vote is planned for January, and the issue will presumably be the latest bailout. But the real question will be: "Euro or drachma?"
Greece's ruling elite understands the dilemma perfectly, hence the negative reaction of political parties and the press to Papandreou's initiative, with six senior officials of his own party calling on him to resign. If the vote goes against the euro, Greece's economic, political and diplomatic strategy of the last 30 years would be deeply shaken.… Seguir leyendo »