REFERENDUM ON GREEK BAIL-OUT

Greek politicians have forced the Prime Minister, Mr PAPANDREOU, to announce a referendum on the Bail-out which the EUROZONE imposed on Greece, but the main aim of which was to protect the EURO.

Such a referendum is urgent, but may not be able to take place before the New Year.

EURO politicians are riddled with anxiety at the thought of the effect this may have on the EURO and the EUROZONE. Bank shares have already been severely marked down on stock exchanges, but is this justified ?  The loans made to Greece had already been written-down by at least 50%, so this reaction may not be entirely justified.

It has been clear for more than a year that Greece was on the edge of bankruptcy and needed a devaluation of at least 50% if not more.  Greece needs a complete shake-up to get back on an even keel and then become profitable.  EURO-ZEALOTS have cost taxpayers 100 billion EUROS in unrecoverable loans which were forced on Greece.

Now the EUROZONE and the other EU member countries must re-write the EU treaty to avoid other scandals like this Greek tragedy. There will be a great deal of social unrest in Greece in the coming weeks.