NEWS UPDATE : Greek Prime Minister George Papandreou announced to call a controversial referendum on his country's $130 billion European bailout plan in early December, and caught European leaders completely off guard and scrambling for a response.Papandreou's stunning announcement that he would stage a referendum roiled world financial markets and threw into question an ambitious and costly European deal worked out in torturous negotiations a week ago.
A ``no'' vote in the referendum would have enormous consequences not just for Greece but for the rest of Europe. It could lead to a disorderly Greek default, force Greece out of the 17-nation eurozone, topple many fragile European banks and send the global economy spinning back into recession.
Playing hardball, eurozone officials said an (euro) 8 billion ($11 billion) loan that Greece needs within weeks to avoid bankruptcy was conditional on Greece backing the latest rescue deal....blah, blah
FOOTNOTE : Is it enough living through these theories of speculations, fearful days on repeated recessions, even the day's weather affecting the fuel prices in the country etc etc....
Why cant we simply go back to age old theory of earning-to-spend and supply-demand equation, to forget what a bail-out or globalization strategy mean ?
