Greek tragedy looms for eurozone

[Matilda]

The possibility has loomed large for more than a year, but now Greece’s exit or expulsion from the eurozone is a real likelihood.

The warning from France and Germany that Greece will not receive another cent in European aid until the referendum is decided has dramatically raised the stakes in Europe’s debt crisis.

If Greek taxpayers reject the second bailout plan approved by eurozone leaders last week, the much feared scenario of a disorderly default by Greece appears certain.

http://www.abc.net.au/news/2011-11-03/ryan-greece-referendum-analysis/3617530


I never did understand how such disparate economies as Greece on the one hand, and France and Germany on the other, could ever blend into one currency, but I don't understand high finance at all.

But I do wonder - just how much influence have the protests of the Greek people played in Papandreous's decision? Would he just have gone along with whatever Europe demanded, had it not been for the prolonged demonstrations? I'd love to think that people power might actually be working, but perhaps there are other elements involved.

[Poll_Blind]

1. I believe most Greeks would rather die on their feet than live on their knees. nt

PB

[dkf]

2. Oh that is 100% people power.

Now we get to see if the people know what they are doing.