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Missing the Point

The international  media seems to be missing the point. Yes the referendum adds uncertainty and possibly infuriates Greece’s  euro partners by seemingly undermining their decisions, however, it should calm down the Greek public uproar and provide an outlet to vent. It also sends a clear signal to the IIF for all banks to voluntarily accept the debt deal, and to Greece’s euro partners that Greek sovereignty cannot be compromised and no more austerity measures will be implemented or the people will not vote for the deal. In the mean time, Papandreou’s government has plenty of time until January to stir public opinion, provided the government survives.

The bigger current issue is the vote of confidence on Friday. Given today’s parliamentary defects, whether Papandreou’s government survives or not is highly questionable at this point.

Photo courtesy of www.Papandreou.gr

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