Referendum: Epic bailout fail

Thrugelmir

CLAPTON wrote: »

lovely phrase 'buying time'

time for what? to get worse? to get better? just to muddle on? to have more high profile meetings? maybe for events to happen to resolve the matter

Europe as a whole has an unaffordable pension and welfare system that requires reform. Politicians are the worst people to spell out reality. The Chinese are bound to extract a hefty committment to same before providing the funding required for a bail out fund. Something that many provoke further unease.

Joe_Bloggs

Clapton said:-

lovely phrase 'buying time'

From my incomparable Latin, 'tempus fudge it' is the process of politicians kicking a can of worms, further in to a future time frame.
J_B.

Going4TheDream

CLAPTON wrote: »

lovely phrase 'buying time'

time for what? to get worse? to get better? just to muddle on? to have more high profile meetings? maybe for events to happen to resolve the matter

Lets be honest if they knew what they were going to do they would have already done it. Procrastination isn't really giving any confidence to the markets or any stability.

Buying time, by talking sh!te and coming up with crap statements to tide things over, until the next meeting just means that they have no more idea how to solve the crisis than my pet dog..... the longer it drags on the more apparent that it is.

At least now with the Greek referendum on the cards they may not have to actually come up with a solution as it may well be decided for them.... then they can just blame the Greeks for the Euro failure.....and hold some face?

worldtraveller

Greek Prime Minister George Papandreou has won unanimous support from cabinet for his controversial plan to hold a referendum on the EU bailout deal.

Mr Papandreou told a late-night cabinet meeting that the referendum will be "a clear mandate and a clear message in and outside Greece on our European course and participation in the euro."

"No one will be able to doubt Greece's course within the euro," he said, adding that market turmoil triggered by his announcement of the referendum late on Monday would be short-lived.

After the meeting, a Greek government spokesman said cabinet had unanimously to the referendum and that it would take place "as soon as possible".

The Telegraph

I don't quite get the bit about market turmoil being short-lived. I can see the financial markets reacting strongly to every poll that takes place regarding the voting intentions of the electorate, until/if a referendum takes place. I can also see the polling companies personnel making some [STRIKE]bucks[/STRIKE] [STRIKE]drachmas[/STRIKE] euros as a result. Cynic moi?

If it does come down to a referendum, much will depend on the wording used in it, of course.

IronWolf

Well, I think this is it. it's only a matter of time now until the Greek default and exit the Eurozone, possibly getting kicked out of the EU to boot.

I dont think it'll be the end of the world, I think the financial system will survive it, but Im hoping that stock markets drop for the next few months so I can pick up some bargains