Home > Man-Made Disasters > It’s Official: Greek Cabinet Supports Call for Referendum on Bailout, ‘No’ Vote Could Create Global Financial Shockwave

It’s Official: Greek Cabinet Supports Call for Referendum on Bailout, ‘No’ Vote Could Create Global Financial Shockwave


By Elinda Labropoulou – “Athens, Greece (CNN) — Greece’s cabinet voted Wednesday to support Prime Minister George Papandreou’s call to hold a referendum as soon as possible about the latest bailout plan, ministers coming out of the meeting told a CNN affiliate.

The vote was unanimous, though some of the ministers expressed criticism prior to casting their votes, CNN affiliate Mega Channel reported.

The cabinet vote came hours before German Chancellor Angela Merkel, French President Nicolas Sarkozy and senior figures from the International Monetary Fund and European Union were to meet Wednesday with Greek officials at an emergency meeting in Cannes, France, ahead of the G-20 summit.

Their meeting comes a day after U.S. and European stock markets tumbled after Papandreou’s call for the referendum on international aid for his country.

A ‘no’ vote could theoretically force Greece to crash out of the euro and send shock waves through the global financial system.” Read more.

Canadian Finance Minister: “This kind of turmoil in Europe is not good for anyone around the world” – “Greek government’s plan to hold a referendum on its European bailout package is injecting a dangerous level of uncertainty and placing the global economic recovery in peril, Finance Minister Jim Flaherty warned Tuesday. Pointing at the plunging markets in Canada and around the world, Flaherty said he was concerned about the delay that a referendum would cause. ‘It’s not for us to dictate terms to the Europeans – it is for us to say that delay endangers the global economy,’ he told reporters late Tuesday after meeting with the Commons finance committee. ‘We have interdependent economies in this world. What affects Europe, affects the United States, affects Canada … this kind of turmoil in Europe is not good for anyone around the world.'” Read more.

Categories: Man-Made Disasters
  1. 11/01/2011 at 11:55 PM

    Dan 2:39 and 7:6 speaks of Greek rule over the whole earth – Is’nt it strange that in these last days that Greece still is around – and that it has so much influance over the world especially the economy – Is it possible that Greece will crash the worlds economic and democratic system and through that bring to power the A/C

    Wn

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  2. ICA
    11/03/2011 at 1:32 PM

    Just this morning I heard a news anchor describe Greece as the most influential nation in the world right now.

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  3. 11/03/2011 at 3:57 PM

    So did I…he said something like ‘Greece was the most important nation in the world thousands of years ago, and as the 32nd largest economy in the world, on the brink of failure, it again is the most important’. I thought of Willard’s post above.

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