To: MrGreenJeans who wrote (6596 ) 11/1/2011 9:47:16 PM From: MrGreenJeans 1 Recommendation Read Replies (2) | Respond to Greece Says Vote on Bailout Is Still On After some confusion earlier that Greece's plans for a referendum on a European Union aid package were "dead in the water," the government jumped in to say the vote is very much on. The referendum will make clear the country belongs in the euro and market turmoil will be short-lived, Prime Minister George Papandreou told a cabinet meeting on Tuesday. "The referendum will be a clear mandate and a clear message in and outside Greece on our European course and participation in the euro," Papandreou said, according to a statement released by his office. "No one will be able to doubt Greece's course within the euro." Papandreou said Greece's partners will support its policies and urged a meeting of G20 leaders this week in Cannes to agree policies that "make sure democracy is above market appetites." The Greek government believes it will win a confidence vote on Friday, a spokesman said after several ruling party members asked for snap elections instead. "We believe the government will once again win a vote of confidence in order to proceed with its plans," Angelos Tolkas told reporters while Papandreou was chairing the cabinet meeting. The Greek government faced possible collapse on Tuesday as ruling party lawmakers demanded Papandreou resign for throwing the nation's euro membership into jeopardy with a shock call for a referendum. "We will not back down on anything we have to do to save the country," Tolkas said. Caught unawares by Papandreou's high-risk gamble, the leaders of France and Germany summoned him to crisis talks in Cannes on Wednesday to push for a quick implementation of Greece's new bailout deal ahead of a summit of the G20 major world economies. insanity! "solution" to solve the Greek crisis. When I read it relied on the banks to "voluntarily" accept a 50% haircut on its debt holdings I decided this solution was pure, unadulterated, b#$%sh%t and sold my FAS holdings for a short-term 33% profit. I assume at some point before long FAS will be back below $10 in which case I plan to take another trading position. I may even play the downside with FAZ.
