November 1, 2011
Greek Prime Minister George Papandreou's call for a referendum on a freshly minted bailout package rattled European officials and global markets, sparking warnings that the move could force the collapse of the Greek government and push the country into a destabilizing default on its sovereign debt.
Stocks and the euro plunged, and 10-year Italian bond yields rose perilously close to their highest levels since the euro's inception.
The decision opened a rift within Pasok, Greece's ruling Socialist party. One lawmaker resigned from the party over the referendum and another called for early elections.
"The party is in major turmoil," a senior party official said. "I can't exclude more desertions today [Tuesday], which will lead to early elections."
More
No comments:
Post a Comment