Thursday 3 November 2011

Behind the strip malls the tree tops are burning.

The big fear is that a decisive turn against the bailout package in Greece could undermine European efforts to enforce deep budget cuts in other heavily indebted European countries, especially Italy, which is mired in its own political crisis and has a far larger economy and much more debt than Greece.
Political analysts and several advisers to Mr. Papandreou said the prime minister had decided to announce a popular referendum on Monday night as his last best hope to shore up his eroded political standing. They said he wanted to put Greece’s fate back in the hands of the Greek people and to force his many opponents — both inside his government and in the opposition — to coalesce around the idea that what is at stake is Greece’s membership in the euro zone. 
NY Times: Greek Cabinet Backs Call for Referendum on Debt Crisis, November 2, 2011

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