http://www.bbc.co.uk/news/world-europe-15549352

Papandreou's latest idea, a referendum on the bailout agreed last week, has upset everybody. I think he's right!

First, Papandreou has a tiny majority.

Second, everybody knows that the majority of Greeks are against the austerity measures.

Third, the Greeks want to stay in the Eurozone.

If the bailout goes ahead, and the Greeks won't cooperate on the austerity measures, the bailout fails anyway.

It's now up to the Greeks. They have to decide whether they want to stay in the Eurozone and follow the austerity measures, or go it alone. God knows what will happen if they go it alone, but it's their choice. An interesting dilemma!

To my mind, all he's done is stuck two fingers up at the rest of Europe.

No Greek Islands holiday for me next year.

(Not that I've ever had one - hate their oily food)

I think Papandreou is trying to say, "You can bully me, but you can't bully the Greek people." And if withholding the next tranche of bailout money isn't bullying, I don't know what is.

No Greek Islands holiday for me next year.

(Not that I've ever had one - hate their oily food)

That was quite funny HB

All hell let loose!

Papandreou was not specific about the terms of the referendum, so Merkel and Sarkozy tried to dictate them. The Greek finance minister disagreed with the Merkel/Sarkozy version... hence the talk of a split in the Greek Government. Anyway, Papandreou has to face a vote of confidence in his own parliament tomorrow. At least, this is how I understand it.

What next? Who knows? But I should think it's pretty certain that Greece will now have to exit from the EuroZone.

I think Papandreou is trying to say, "You can bully me, but you can't bully the Greek people." And if withholding the next tranche of bailout money isn't bullying, I don't know what is.

withholding a cookie from a child which emptied the cookie jar and is trying to do it again must be bullying too?

I think Papandreou is trying to say, "You can bully me, but you can't bully the Greek people." And if withholding the next tranche of bailout money isn't bullying, I don't know what is.

withholding a cookie from a child which emptied the cookie jar and is trying to do it again must be bullying too?

Not only did the child empty the cookie jar, he (or she) then went to both parents, all uncles, aunts and grandparents to borrow money for more cookies.

Why give the kid any cookies. Starve the brat for a few years.

My original suggestion was still the best... let Greece default, and tighten up the rules for the rest of the members. It would have been better than all this wrangling, which helps nobody.

My original suggestion was still the best... let Greece default, and tighten up the rules for the rest of the members. It would have been better than all this wrangling, which helps nobody.

your "best" suggestion does not amuse governments, treasurers, companies, investors, anybody who has some little savings and/or a steady job and neither would the result amuse you.

by the way, the stupid EU setup does not allow to tighten or change any rule unless all member countries agree unanimously and have the change(s) ratified by their parliaments. the latter might take years and any freaking insignificant dwarf country, having a population of half a dozen London suburbs, could block the change at its discretion.

I think Papandreou is trying to say, "You can bully me, but you can't bully the Greek people." And if withholding the next tranche of bailout money isn't bullying, I don't know what is.

withholding a cookie from a child which emptied the cookie jar and is trying to do it again must be bullying too?

Not only did the child empty the cookie jar, he (or she) then went to both parents, all uncles, aunts and grandparents to borrow money for more cookies.

Why give the kid any cookies. Starve the brat for a few years.

because the kid is a blackmailer and could indeed cause a lot of harm.

I think Papandreou is trying to say, "You can bully me, but you can't bully the Greek people." And if withholding the next tranche of bailout money isn't bullying, I don't know what is.

withholding a cookie from a child which emptied the cookie jar and is trying to do it again must be bullying too?

Not only did the child empty the cookie jar, he (or she) then went to both parents, all uncles, aunts and grandparents to borrow money for more cookies.

Why give the kid any cookies. Starve the brat for a few years.

because the kid is a blackmailer and could indeed cause a lot of harm.

OTOH, you can't blackmail an honest man/country. Extortion, yes, which appears to be the latest craze in Europe's "beggar thy neighbor" sweepstakes. Coming to a North American continent soon.

because the kid is a blackmailer and could indeed cause a lot of harm.

The harm is being caused anyway - with 50% write-downs on existing debt (so far) and the Good Lord knows what write downs on future debt.

Never give in to blackmail.

Just cut the monkeys adrift and withdraw all support.

I think a Greek default is going to happen anyway, whether anyone likes it or not.

To continue the cookie jar analogy, the whole EZ set-up is asking for people to put their hands in the cookie jar... and many of them will (except the owners of the jar, Germany and France). PIIGS!

because the kid is a blackmailer and could indeed cause a lot of harm.

The harm is being caused anyway - with 50% write-downs on existing debt (so far) and the Good Lord knows what write downs on future debt.

Never give in to blackmail.

Just cut the monkeys adrift and withdraw all support.

the big harm outside Greece is not yet done

the big harm outside Greece is not yet done

Agreed, Naam. The mind boggles!