Venkata Subbu's  Instablog

Venkata Subbu
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Investor and commentator
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Politics and Economy
  • Greek Referendum 0 comments
    Nov 1, 2011 7:26 PM

    For all the people criticizing Papandreos for holding a referendum:-

    The Greek people are being asked for incredible sacrifice, even under the current scenario. They have to agree - it is not a question - otherwise there will be riots. If they do not consider it worth it, then the banks and Greek politicians are going to have to take the fall and lump it. Dont think for a moment that Greeks dont understand the consequences of punting on the bailout, they know exactly what will happen if nobody lends them money, but they might decide it is better than the austerity measures and loss of sovereignty if they accept it. Papandreos had the courage to do what he absolutely needed to do, and should be commended for what he has done.

    If they say "No" to his referendum, then they will need to decide whether to stay in the European Union or not as well. That would be a followup referendum.

    If the government fails as a result of his proposal, then there will be early elections - possibly even before the referendum could be held, and maybe Greeks will give Papandreos the support he needs to proceed. I hope the politicians in his party who were against the referendum are voted out as a result.

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