UK NEWS
GREECE SET TO REJECT EU BAIL-OUT IN REFERENDUM
Greek Prime Minister George Papandreou has called for a referendum on the EU bailout
GREECE plunged Europe further into crisis last night by announcing a referendum on the debt reduction deal...just days after it was hammered out.
The surprise pledge by premier George Papandreou stunned fellow leaders.
While key details on the referendum have yet to be agreed, jittery markets are calling for certainty that the eurozone will
get its house in order.
Polls suggest that 60 per cent of Greeks do not back the rescue plan – suggesting a defeat for beleaguered prime minister George Papandreou.
If the deal is rejected there will be greater pressure for the country to default on its debts and quit the single currency – another disaster for the euro.
While key details on the referendum have yet to be agreed, jittery markets are calling for certainty that the eurozone will
get its house in order.
Polls suggest that 60 per cent of Greeks do not back the rescue plan – suggesting a defeat for beleaguered prime minister George Papandreou.
If the deal is rejected there will be greater pressure for the country to default on its debts and quit the single currency – another disaster for the euro.
60 per cent of Greeks do not back the rescue plan put forward by the EU summit
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The announcement was just another wave in a tsunami of bad news yesterday. Stock exchanges fell and traders were spooked by reports China may not now invest as much in the bail-out fund as hoped.
The OECD warned of a slowdown in the zone next year, saying G20 leaders due to meet this week had to take bold decisions to stave off recession.
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