Business

Greek Drama Continues: PM Refuses to Resign, Scraps Referendum

The situation in the eurozone is slightly better than what it was a couple of nights ago. The broad rejection of the the Prime Minister’s call for a referendum vote by Greek government officials helped to calm markets and inject some stability into the area.

Greece Drama Continues: PM Refuses to Resign, Scraps ReferendumHowever, here’s the latest development: Greek Prime Minister George Papandreou has come under intense pressure from his own party and opposition lawmakers alike to resign and let a coalition government approve a European bailout plan instead of holding a risky referendum on it.

The instability in Greece has sent immediate ripples throughout Europe. Premier Silvio Berlusconi’s government in Italy was teetering as well after it failed to come up with a credible plan to deal with its dangerously high debts, and Portugal demanded more flexible terms for its own bailout.

However, despite the pressure, the PM refuses to resign.

Ignoring increasing calls to step down, the Greek prime minister has rejected pressure to resign, warning that early elections would lead to an exit from the euro, and says instead he is seeking talks with the opposition conservatives.

Perhaps in an effort to stay in his party’s good graces, two officials close to Papandreou say he has decided to scrap his plan to hold a referendum on the latest European debt deal for Greece after the main opposition leader said they wouldn’t back it.

Papandreou’s Pasok party currently holds a slim majority in parliament, 152 out of 300 seats, and the prime minister has called for a confidence vote on Friday.

The latest turmoil began after Papandreou’s own finance minister, Evangelos Venizelos, broke ranks with him Thursday and declared his opposition to a referendum.

“Greece’s position within the euro area is a historic conquest of the country that cannot be put in doubt,” Venizelos said, adding that it “cannot depend on a referendum.”

Antonis Samaras, the leader of the conservative opposition, called for a transitional government to ratify the European debt deal and prepare for early elections.

“Under the weight of these dramatic events, we have witnessed a crisis of the ability to govern. The country must immediately return to a state of normality,” Samaras said. “Under the current conditions, the new debt deal is unavoidable and must be safeguarded.”

If the Greek government falls, it would mean that every EU nation that had already received a bailout – Greece, Portugal and Ireland – saw their governments fall during the economic turmoil.

“We cannot permanently ride a rollercoaster on Greece; we have to know where things are going, and the Greeks have to tell us where they would like things to go,” Jean-Claude Juncker, who chairs eurozone finance ministers’ meetings, told Germany’s ZDF television Thursday.

The Associated Press contributed to this story.

Comments (50)

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  • Volsense
    Posted on November 4, 2011 at 9:48am

    Accountability is completely foreign to a liberal. The Greek PM was only trying to find a way to blame the country’s bankruptcy on the voters so he could cover his A$$. A liberal only knows how to waste what he cannot comprehend how to create. The world’s economy is bleeding a slow death because of a mental disorder known as liberalism. The only hope is to make leaders accountable for their total incompetence. Until then they will only destroy that which is beyond their comprehension.

    Report Post »  
  • lukerw
    Posted on November 4, 2011 at 12:16am

    A Public Vote… good: Now, we will see how smart are the people of Greece!

    Report Post » lukerw  
  • CoyoteDKM
    Posted on November 3, 2011 at 8:24pm

    This is just like with TARP. It is being forced on them. The Greeks don’t want the bailout, they want to leave the EU and stop using the euro, but the EU just pressured them to drop the vote about this subject because they knew that is what the Greeks would choose. Like with TARP, this deal is being forced down the Greek‘s throats even though they don’t want it. They were the verge of a military coup a few days ago. The top generals said they were sick of answering to the EU and their banks and of seeing their national sovereignty disappear. So the Greek government fired the generals and said they would hold the vote to keep the people from erupting. Now there is no vote. I give it a month tops before the Greek military overthrows the government and charges them all with selling the nation out to the Europeans and the banks.

    Report Post »  
    • ozz
      Posted on November 4, 2011 at 3:20am

      I hope so. Perhaps Greece would have a shot at liberty then. GO GREECE

      Report Post » ozz  
  • discus02
    Posted on November 3, 2011 at 3:42pm

    I have a few words for Greece. No Mas unfortunately I don’t know how to translate that into Greek.

    χωρίς περισσότερα χρήματα No more money in Greek

    Report Post »  
  • SamIamTwo
    Posted on November 3, 2011 at 2:32pm

    So is the IMF still funneling money to them? Ya know we kick in about 25% to the IMF?

    IMF is the Jubilee Act in disguise…the Jubilee Act actually made it thru congress in 2008 but the Senate refused to take it up…

    That bill has been sitting in the wings of congress for some time now…you wait, some day someone will pull the trigger for vote on that one…it forgives all debt to all foreign nations that owe us money.

    Since it would piss off millions of it, your/our government send the IMF bookuuu bucks to do the very same thing.

    When will someone stop this mess…I do not see anyone stepping up to the plate to stop the insanity of it all…and what happened to the tea party people that got elected? You’d think someone would be screaming bloody murder by now. Man they need to improve that impeachment process. Too bloody slow for me.

    The solyndra scandal and the firearms deal should be enough to slap him down and hopefully out…but you know how politics is played out…they just throw more money at it…hoping that it will go away.

    Iran is saying they are united and ready for war with Israel…Thank you el presidente for doing your community a great disservice. Community Organizer, indeed…pfft

    Report Post » SamIamTwo  
    • robert
      Posted on November 3, 2011 at 3:35pm

      “The latest turmoil began after Papandreou’s own finance minister, Evangelos Venizelos, broke ranks with him Thursday and declared his opposition to a referendum.”

      Of course the self-appointed elites don’t want the people to vote on any issue, because they feel they know better than they do and will give them…or take away from them…whatever they deem is important.

      This is particularly disgusting knowing these same elitist fools can’t even run their own lives, let alone someone else’s, and none of them indicate an intellect that is capable of making sound decisions.

      They will never allow referendums in any country in the world, because they do not want to give power back to the people where it rightfully belongs.

      It will take violent armed insurrection to put the political dregs in their place. And, it could well be coming any day now.

      Report Post »  
  • donh2
    Posted on November 3, 2011 at 2:02pm

    How DARE any NWO fascist ruler allow his people to vote with regards to your future destiny. Common people are not qualified to decide their fate. Democracy is the Law of the Jungle. The Cult knows what is best for the human race and WE have decided your future ….Obey our One World Order… http://youtu.be/Rc7i0wCFf8g

    Report Post »  
    • Jaycen
      Posted on November 3, 2011 at 2:43pm

      It was both. The vote was a bad idea, and so are the bail outs, but here’s the problem – the people want to vote themselves bail outs with no austerity measures.

      Both sides were wrong on this, but at least with Germany and France dictating the terms of the bail out (using THEIR money), the situation made a little more sense.

      Are you trying to say that Germany and France shouldn’t have a say in how their own money is spent by an out of control debtor? Smart!

      Report Post » Jaycen  
    • CatB
      Posted on November 3, 2011 at 3:08pm

      They should “dump” Greece and let them fend for themselves.

      Report Post »  
    • jkendal
      Posted on November 3, 2011 at 3:37pm

      “They should “dump” Greece and let them fend for themselves.”

      That‘s the best recommendation I’ve heard yet. After all, they created their own mess. Why should the rest of the world bail them out with no austerity measures? They’ll just burn through that and demand even more…..

      Report Post »  
  • Rothbardian_in_the_Cleve
    Posted on November 3, 2011 at 1:59pm

    The real issue isn’t Greece….It’s Italy. It’s really a joke anyway. Greece has already demonstrated they won’t live up to the deal anyway. The vote would just formalize that. No, they’ll not vote, slam it through, disregard it later when there are riots and the ECB will have to decide if they’ll have to pull the plug. This simply buys time for certain banks to get the sovereign risk off their books and shift it to the ECB and thusly the people of the EU.

    It’s a big giant game of Hot Potato.

    Report Post » Rothbardian_in_the_Cleve  
  • smackdown33
    Posted on November 3, 2011 at 1:40pm

    The international mob of bankers got their way again. Can not permit the common people to vote and control their own destiny.

    Report Post »  
  • drftrapani
    Posted on November 3, 2011 at 1:38pm

    I personally thought that the referendum was a good idea! Let the people decide ‘will you give up some of your entitlements now or do you want Greece to degenerate into total default and ruin.‘You must choose one or the other’
    Give up a little now or loose it all when the country is totally bankrupt. After thinking it over, perhaps they need the lesson.
    drftrapani

    Report Post » drftrapani  
    • Polwatcher
      Posted on November 3, 2011 at 1:59pm

      The referendum sounded good to me too. Anyone with a brain knows that whatever Germany and France come up with will only prolong the inevitable.

      Report Post »  
    • Jaycen
      Posted on November 3, 2011 at 2:39pm

      What? The referendum was to decide whether to accept the bailout along with austerity requirements or to accept the bailout and ignore the austerity requirements.

      You think that’s a good thing? You think the spoiled unionized Greeks could have voted for austerity? Yeah, right.

      Report Post » Jaycen  
    • Ookspay
      Posted on November 3, 2011 at 5:29pm

      The greek socialists have run out of their own money and other peoples as well. Yet they cling to the belief that socialism is just fine. Now they will learn the lesson the hard way. The rest of Europe’s socialists will soon see this soon enough. This will not end well. The US will pay very large amounts of your tax dollars through the IMF, using the logic that US banks have too much exposure and we can’t let them fail. Bull shiite, let them fail! Propping up socialism abroad when we have our own trouble here at home? Really? THIS IS MADNESS!

      Report Post » Ookspay  
  • Leopold
    Posted on November 3, 2011 at 1:24pm

    I have seen what becomes of socialism if real power hungry, control freaks get hold of the government. West Berlin was in the middle of East Germany. In order to get there, one had to travel through East Germany. At the border control you get your instructions on where you have to drive. You don’t dare make a wrong turn. You don’t dare have anything in your car that is suspicious. If you drive a nice car, the border guards took pleasure in thoroughly searching your car. The roads and buildings are all falling apart. Everything is in a state of repair. You hardly see any people on the streets.

    Berlin was so divided, that trains were running on one side of the tracks (West Germany) and on the other side you see soldiers patrolling with machine guns. Russian machine guns. Friends and families were separated from one another just because they lived on opposite sides of the street when the Berlin Wall was being built. All along the walled or fenced border of East and West Germany you saw watch towers with soldiers ready to shoot if someone tried to make a run for it. Which many did, losing their life in the process. Thank God, some made it alive. Soldiers on the west side were never allowed to help a running person. Only East German soldiers had access to the strip of no man’s land to pick up a dead or injured person. Just seeing these things in my mind makes me want to shake these young ignorant hooligan‘s who think they know what’s going on. This is only 22 years ago fo

    Report Post »  
  • Leopold
    Posted on November 3, 2011 at 1:15pm

    This is how I explained to my children why socialism leads to poverty.

    As all things bad, it starts out with man’s weakness. The power hungry use man’s lazyness and promises all will be taken care of by big good government. (bgg) But in order to fulfill these promises bgg has to have money. TAXES. The more taxes one has to pay to bgg the less there is to spend for things that have to be produced by people, who earn a wage. Not having enough money to spend for things the less things will be produced. The less there will be produced the less workers are needed. The less workers that are earning wages the less taxes flow to bgg. Therefore taxes have to be increased for the evil rich. Eventually the rich won’t be spending that much money anymore either. Less production = less workers. Higher and higher amounts of money are needed to fund the unemployed. This can work for a short time. Eventually though you will not be able to get certain things because production has stopped. Now we have shortages on top of high unemployment and welfare recipients. Tax the rich some more. Now enter another human weakness and this is a big one, jealousy. Now the riots start. They become violent, another weakness. Cost to government increases. More police is needed. By now everyone can see that we are headed for the breakdown of society. And that ends in violence and poverty and many people dead. Always! Listening to some at Occupy Wall Street sounds like some people are ok with that.

    Report Post »  
    • db321
      Posted on November 3, 2011 at 1:34pm

      Socialism has bankrupt this county so much that an election would push them over the top – They deserve EVERYTHING they get at this point. The next move for this country is to get rid of all of the Useless Idiots that are on the Government tit. In other words, those that can work but won’t – don’t eat. This happens in every Socialist Communist Country that ever exist. Free Heath Care, Legalized Pot, and Don’t Worry Government will protect you is JUST A Campaign slogan to GET VOTES.

      Test it – As Harry Reed, Nancy Pelosi, and George Soros for a hand out – not going to happen because there are plenty of other Useful Idiots that will Vote for Free Stuff. They don’t need you!

      Report Post » db321  
    • RighteousTyrant
      Posted on November 3, 2011 at 2:38pm

      Yeah, I remember reading the stories about all the pothead Russian commies. /sarcasm

      LOL, where do you come up with “legalized pot” as having been a staple of “every Socialist Communist country”? You’re looney.

      Report Post »  
  • Leopold
    Posted on November 3, 2011 at 1:14pm

    I have seen what becomes of socialism if real power hungry, control freaks get hold of the government. West Berlin was in the middle of East Germany. In order to get there, one had to travel through East Germany. At the border control you get your instructions on where you have to drive. You don’t dare make a wrong turn. You don’t dare have anything in your car that is suspicious. If you drive a nice car, the border guards took pleasure in thoroughly searching your car. The roads and buildings are all falling apart. Everything is in a state of repair. You hardly see any people on the streets.

    Berlin was so divided, that trains were running on one side of the tracks (West Germany) and on the other side you see soldiers patrolling with machine guns. Russian machine guns. Friends and families were separated from one another just because they lived on opposite sides of the street when the Berlin Wall was being built. All along the walled or fenced border of East and West Germany you saw watch towers with soldiers ready to shoot if someone tried to make a run for it. Which many did, losing their life in the process. Thank God, some made it alive. Soldiers on the west side were never allowed to help a running person. Only East German soldiers had access to the strip of no man’s land to pick up a dead or injured person. Just seeing these things in my mind makes me want to shake these young ignorant hooligan‘s who think they know what’s going on. This is only 22 years ag

    Report Post »  
  • Leopold
    Posted on November 3, 2011 at 1:14pm

    This is where socialism can end up. Communism always camouflages itself in socialism

    The idea that communism and socialism are different is laughable. It always starts with socialism only to get to communism. Sure, western Europe is sort of capitalistic socialism and has been doing quite well compared to the USSR’s communism, which East Germany was a part of. Western Europe never really had a free market or even freedom of movement. There is price control and you have to carry ID at all times. The police have the right to stop you and ask for your personal ID, for no particular reason. You move from one apartment to another in the same building and you have to register your new address at the county district office. People who have stayed in hotels or motels from all over the world, have to hand in their passports. Every little thing you can think of is controlled in some way. Whether it is a tree in your own backyard to having your car inspected every 2 years. Among other things any kind of rust has to be repaired before you get permission to keep driving your car. Germany has been doing a lot better then the other european countries. Since Germany was and still is not allowed to have a strong fighting military, they were able to spend more on good social issues, chief among them, I have to point out, the best health care system in the world. But they cannot keep this up any more then any of the other countries can.

    Report Post »  
    • I Luv America
      Posted on November 3, 2011 at 3:31pm

      Your post reminds me of a incident that happened by my college English teacher back in 1988. She was born in South Africa and married an American, so she was an American citizen. Her husband had business in West Germany, so she went with him. I don’t remember the reason, but his business took him to East Germany. She tagged along which turned out to be a big mistake. Their plan was to go to East Germany, spend the night, and return the next day to West Germany. Upon checking into the hotel, they had to turn over their passports. My teacher’s husband advised her to stay in the hotel room, but she was curious to see East Germany. She went for a walk looking in the windows of the stores and watching children play in the park. A couple of police officers stopped her and questioned her business. Now she told them she was an American, but she had a South African accent so the police were suspicious. She asked the police to accompany her to the hotel where her passport was, but instead they took her in for an interrogation. To make a long story short, she said she had never been so scared because of the interrogration tactics used on her. It took the U.S. Embassy in West Germany getting involved to get her released. Just a small glimpse into life in a communist country.

      Report Post »  
  • barber2
    Posted on November 3, 2011 at 12:59pm

    Can we lock Obama out of the White House while he’s over in Europe giving those Europeans all of his sage advice on how to run a successful economy ? ! What a hoot. How could they keep a straight face if they’ve about all of our “frustrated” poor Occupiers whom he supports?! Obama should be talking to the Greeks who seem to be ahead of the economic curve Obama is pushing for America !

    Report Post »  
  • SoulReaver
    Posted on November 3, 2011 at 12:46pm

    People need to get off this Cain bandwagon. We are going through a person with virtually no governing experience. He was in Illinois for about a year before he was campaigning for the presidency. Cain has no knowledge of foreign issues. If we want a black person so badly Condelisa Rice is extremely more qualified. At least she knows about foreign leaders and their tendencies without bringing cliffs notes. As far as his comment about listening to generals that is fine but what general is going to say we don’t need more resources. this man did not know China has nukes. They have had nukes for 4 decades. Sorry guys the presidency is too important to give to a rookie.

    Newt is the only person up there even talking about solutions and trying not to attack others. Newt is the worst politician up there but has the best mind. He has also worked with foreign leaders and negotiated deals in Washington with a hostile congress. And Condelisa Rice or Bachman as his running mate would be good. With Romney as an advisor. We need experience and smarts and someone that knows Washington and how ruthless it can be.

    Report Post » SoulReaver  
    • barber2
      Posted on November 3, 2011 at 12:53pm

      What does this have to do with the topic of this article ? Trolling..trolling..trolling..

      Report Post »  
    • YoungBloodNews
      Posted on November 3, 2011 at 1:02pm

      Everybody do the Egyptian!

      Report Post » YoungBloodNews  
  • barber2
    Posted on November 3, 2011 at 12:46pm

    The Greek public remind me of our Occupiers: a bunch of clueless, lazy, druggie, brainwashed losers. Think the EU is better off without them. Wish we could do the same with ours. Giant bake sale to buy them tickets to, say, Cuba? ( Cuba just announced a new policy of allowing private ownership/sale of property ! Ha. Ha. Don’t tell the Occupiers as they still think that capitalism is “like” so bad ! ) Double Duh, Occupiers .

    Report Post »  
  • c0mm0nsense
    Posted on November 3, 2011 at 12:45pm

    Who would cut all the social spending in the USA? This guy knows what wil happen if he does this. Coming to America. Are you ready? Sure would like some answers.

    Report Post » c0mm0nsense  
  • DoBeDwarf
    Posted on November 3, 2011 at 12:39pm

    http://www.borowitzreport.com/2011/10/26/greece-offers-to-repay-bailout-with-giant-horse/

    Report Post »  
  • Snowleopard {gallery of cat folks}
    Posted on November 3, 2011 at 12:34pm

    Greece is soon to go down, and with the leadership of the EU in such a panic, the EU will go with it.

    Report Post » Snowleopard {gallery of cat folks}  
  • garbagecanlogic
    Posted on November 3, 2011 at 12:33pm

    Wonder if he is any relation to Jerry (the clown) Brown in Cally Porn E Ah.

    The U.S. Out Of The U.N.
    The U.N. Out Of The U.S.

    Report Post »  
  • Gonzo
    Posted on November 3, 2011 at 12:27pm

    I bet Merkel gave him an ear full.

    Report Post » Gonzo  
  • GeoffTN
    Posted on November 3, 2011 at 12:22pm

    There is no question the Greek situation will continue reverberate across the Eurozone, and these events will continue to also show us in America that if these little nations are wavering at the weight of their debt, what will happen when we have to face the facts ourselves. Pay attention and be ready…

    Report Post »  
  • mike_trivisonno
    Posted on November 3, 2011 at 12:10pm

    Greece should tell them to take a hike.

    They are desperate to make Greece fall. They need to kill Greece.

    Report Post » mike_trivisonno  
    • Gonzo
      Posted on November 3, 2011 at 12:37pm

      The rich rules over the poor, And the borrower becomes the lender’s slave.
      America better get her stuff together or we’ll be in the same boat.

      Report Post » Gonzo  
  • hi
    Posted on November 3, 2011 at 12:05pm

    I wonder if Obama will refuse to leave when we beat him with a Cain.

    Report Post » hi  
    • CatB
      Posted on November 3, 2011 at 12:28pm

      I think they will have to pull him out of the White House kicking and screaming.

      Report Post »  
    • SoulReaver
      Posted on November 3, 2011 at 12:34pm

      Cain would be a nightmare gone worse. He has no foreign policy and simply does not know enough. There needs to be some sort of record of how he will vote we have none.if he is the vice pres that is one thing but can you imagine that he is debating the fate of israel and he needs his cliffs notes. This man does not even know that China has nukes. Come on people surely we cant be so desperate as to vote in a man just because we needed change from what was currently in office…….oh wait isn’t that what Obama is. As a country we need to learn from that mistake and not elect anyone without a track record of how they will lead in government. The presidency should be the pinnacle of American politics not the entrance point.

      We apply this standard to judges. No one would appoint a supreme court judge without seeing a track record. Our country is at a tipping point and we need to not have trial runs for people. You can see what 3 years of that has brought us and that is from someone twice as smart as cain. Newt is the only person offering solutions, and he has a good track record in washington. One that involves serious negotiations with congress and foriegn leaders.

      He can’t even take a small attack from his past with composure,how is he going to handle a crises?

      Report Post » SoulReaver  
    • SmallGovBigGuns
      Posted on November 3, 2011 at 12:39pm

      Its gonna take the armed forces to get past that beast of a woman michelle obama. Mini hulk wont like having to leave her life of power and importance.

      Report Post »  
    • hi
      Posted on November 3, 2011 at 12:41pm

      Soul
      CEO’s like Cain are leaders because they know how to surround themselves with the right people. Gingrich simply doesn’t have the appeal to voters to win, but Cain does.
      Cain/Gingrich is perfect.

      Report Post » hi  
    • Gonzo
      Posted on November 3, 2011 at 12:41pm

      SoulReaver
      So, do we need another experienced politician like Obama? Cain knows how to make an informed decision and he will surround himself with good people. He has America‘s best interest at heart and that’s a lot better than what we have now.

      Report Post » Gonzo  
    • barber2
      Posted on November 3, 2011 at 12:51pm

      Hey Soul: Heard that Cain’s “accusers” are all either Democrats or they work for the government ! Tell you something? Obama is not a professional politician he is merely a professional organizer who attended Oxy College as Barry Soetoro and got financial aid as a foreign student from Indonesia! Guess he was a professional fraud before he redesigned himself as Barack Obama from Kenya !

      Report Post »  
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