Will the EU and the global economy go down with Greece?
The Greek Socialist Premier, Papandreou, was going to put the EU loan bailout deal (with its 50% cuts) up for a referendum. Merkel and Sarkozy basically said the referendum better be a yes vote so Papandreou decided not to put it up for a referendum. Anyone who has followed the Greek mess knows how that vote would go.
Papandreou has a harsh critic, head of the conservative (everything is relative) New Democracy Party, Antonis Samaras. Papandreou thought they could form a coalition government but Samaras dashed those hopes. The interesting thing is that Samaras and Papandreou are friends (were?) and were college roommates at Amherst.
Instead of resigning, Papandreou has left it to the people to decide. A vote of confidence (or not) will be held tomorrow.
What is at stake is Greece’s membership in the Eu. Germany and France are sick of working for Greek extravagances, and that’s how it goes with Socialism. The Greek government is Socialist and many of the enemies within the Greek government are Anarchists and Communists.
We are seeing this Global Revolutionary mess cropping up in our country now, with the encouragement of President Obama. The OWS are mostly Anarchists, Socialists and Communists who make for unreliable friends, if history is to be trusted. They will work together until they wreak the intended destruction, then the alliance will disintegrate. They make better enemies than friends.
Greece is heading for default, no doubt about it.
Banks are now conducting “fire drills” for a Greek collapse. People don’t really think the Greeks will be kicked out of the EURO currency, but who knows, and no one knows what disaster will be left in its wake.