Wednesday, November 02, 2011

Greece Financial Crisis

A clever hypocrite and great “politician”, I refer to Greek Prime Minister George Papandreou. His sudden announcement yesterday of calling for a Referendum to decide accepting EU’s salvaging package slapped President Sarkozy and Chancellor Merkel real hard. After last Friday’s hard won agreement from the EU members, the market was expecting a short round of breathing ground while figuring the next stage. But this news devastated all efforts done and drove the world markets down to the cliff!

This idiot must have planned all this ahead. Instead of to be blamed for the crisis, he threw the hot potato back to the people and let them decide own faith. If the referendum passed, Greek has to survive under exhausting tight measures to slash the debt. Otherwise the country will have to declare bankruptcy and to be ejected from EURO zone instantly.

Obviously he is gambling the last bet to force EU loosening the credit control before the upcoming G20 meeting. He himself has nothing to lose since he is very much aware of the deep rooted problem in the country. He can’t revive it.

Lots of voices are suggesting bankruptcy to be the only solution. In this case Greece would be freed straightaway from the heavy debt burden, and concentrate to re-establish the system. Of course the economy will be in deep crevice and losing country credibility for a short period. EURO will devalue immediately. This might be a pivotal reformation moment to EU, to eliminate this pain of the ass for good.