Bailout Referendum Brings Greek Government to Brink of Collapse

Wednesday, November 02, 2011

Greek Prime Minister George Papandreou at a news conference earlier this month. (Getty)

World markets plunged Tuesday after Greek Prime Minister George Papandreou announced a surprise plan to hold a national referendum on the proposed European bailout package, bringing the Greek government to the brink of collapse. Several members of Parliament's governing Socialist Party have called on Papandreou to resign, and some members of his own party have called for new elections immediately. A no-confidence vote is scheduled for Friday. Early Wednesday, the Greek cabinet backed Papandreou's referendum plan. Some analysts worry the referendum will bring Greece dangerously close to defaulting on its debt.

Elena Panaritis, a Greek MP from the ruling PASOK party, tells The Takeaway whether she supports the referendum plan. Andrew Walker, economics correspondent for the BBC, reports on the latest developments.


Elena Panaritis and Andrew Walker

Produced by:

Mythili Rao

Comments [2]

Angel from Miami, FL

Seriously, no property taxes? How did the Greeks get anything done? A pay-off is a tax if you do it frequently/daily. And retiring in their early 50s? What does one do with oneself and from where was that pension money coming? This is a national phenomenon that is becoming a reality in the US: the older generation taking care of itself at the expense of the younger generation.

Note to older generation: Just because you left something behind for your kids (college degree, inheritance) doesn't mean their lives won't be made miserable by all the other people's kids you ignored. It's the catch-22 of civilization.

Nov. 03 2011 10:32 AM
Craig Starr from New Hampshire

Motto: A proper Latin translation of:

"Lie, cheat, steal: get away with it."

Nov. 02 2011 11:54 AM

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