Greece’s prime minister, George Papandreou, threw an almighty spanner in the works of the Franco-German fix for the Euro crisis and announced last night he intends to put the deal to the Greek people.
The only slight problem with this is it goes against the European Union way of doing things. That great undemocratic institution doesn’t like the slight matter of the people getting in the way of the Project.
Markets have nosedived today as a result of the referendum announcement but the Franco-German sticky plaster fix only serves to kick the Euro crisis a few months down the track. It’s time Greece put itself out of its misery and left the Euro immediately and also seriously considered leaving the EU.
That way Greece can get back the Drachma (supposedly its Central Bank has already printed billions of Drachma in expectation), devalue its currency and then export (i.e. tourism) its way back to growth.
Pass the Ouzo.