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To: Jopps who wrote (105359)	10/31/2011 4:32:50 PM
From: upanddown	Respond to of 118717

The market may not react well to this news. What happens if the Greeks vote down the debt deal? Greece to Hold Referendum on New Debt Deal By NIKI KITSANTONIS ATHENS — Prime Minister George Papandreou announced on Monday night that his Socialist government would hold a national referendum on a new debt agreement for Greece hammered out with the country’s foreign creditors last week. He said that the decision on whether to adopt the deal, which includes fresh financial assistance for the country but also imposes unpopular austerity measures, belonged to the Greek people. Addressing party lawmakers, Mr. Papandreou said he had faith in Greeks making the right decision in the referendum. “Let us allow the people to have the last word, let them decide on the country’s fate,” he said, describing the vote ahead as “an act of patriotism.” Opposition parties have demanded that the Socialists call a snap general election instead, moving up a contest that was scheduled for 2013. But Mr. Papandreou said that a snap election would be “simply dodging the issue.” He added that he would seek a parliamentary vote of confidence in his administration, just four months after seeking, and winning, a similar vote to bolster his government before pushing an earlier batch of austerity measures into law. More austerity measures were adopted earlier this month. No details were given about the timing of either the referendum or the confidence vote, or of exactly what question would be put to voters. Analysts said they thought the confidence vote would be held next week. The announcement by Mr. Papandreou came a day after an opinion poll, carried out by center-left daily newspaper To Vima, found that a majority of Greeks had negative views of the European debt deal, which includes a 50 percent writedown on the country’s debt and 130 billion euros ($182 billion) in new loans.