BBC News
November 3, 2011
Markets are behaving in a way that I find even more baffling than usual.
Naturally I can understand why investors may be taking comfort from the noises out of Greece that a referendum on the bailout deal may be cancelled.
But that doesn't imply that the grip on power of the current Greek government, or of a coalition that may replace it, would be anything other than tenuous.
So whether through plebiscite or general election, the Greek people may yet turn their back on the package their government has agreed of rescue loans and budget squeeze.
But perhaps more importantly, eurozone leaders have for the first time (in my memory) publicly conceded that it is possible to leave the eurozone.
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