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GREECE - Collapse Of Government Is Imminent

CNBC Video - Michelle Caruson Cabrera reports from Greece.


The country that invented drama and democracy is not disappointing the world on either front. Greek Prime Minister George Papandreou on Monday called for two high- stakes votes.

The first asks parliament to say by the end of this week whether it has confidence in his leadership. The second is a referendum in which Greek voters would approve or reject, possibly by year’s end, Europe’s latest debt-crisis workout.

The move blindsided European leaders on the eve of a global summit and rocked lawmakers in Papandreou’s party, some of whom are now calling for him to step down. The next day, stocks tumbled worldwide, the euro declined and Italian bonds plunged.

No doubt, Papandreou’s gambit is extremely risky. He has only a three-seat parliamentary majority. And the referendum, if rejected, could push Greece into default and out of the European Union and the single currency. A doomsday scenario could follow, including financial market mayhem, soaring sovereign borrowing costs and cascading bank failures. Europe and the U.S. could fall back into recession.

Still, it was the right thing to do. Greek citizens deserve a say on one of the most important matters in their lifetimes. Perhaps more important, the move could finally force Europe into the full reckoning required to solve its two-year-old sovereign- debt crisis.

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Reader Comments (5)

The dominoes are officially starting to fall in Europe via the orchestrated financial destruction of the West., while the orchestrated military destruction and overthrow of the East simultaneously takes place. We are not immune... "The Revolution" a video for OCCUPY WALL STREET also worth seeing... See if John Lennon was ahead of his time... http://youtu.be/qr0QRtAzqiQ
Nov 1, 2011 at 8:34 PM | Unregistered Commenterausesq7
Not a single drachma should be given to the bankers.
Not a single drachma should be taken from the bankers.

The money were stolen, banks were robbed by the bankers. This is not a "Greek debt". The figures of "debt" cannot be trusted. Bankers stole between 20 and 100 trillion dollars worldwide. They must refund the money and go to prison.

Don't sell Greece, don't sell your property. There was the same fraud in 1930's: bankers made the "crisis", next - the property went down, the bankers bought it for nothing and became the owners of the world. Don't allow this to happen again.

Live your own life. Trade with your neighbours, and the "crisis" will be over. The banks will fail, and you will prosper.

No drachma to the bankers. No drachma from the bankers.

Michael Pyshnov
Nov 1, 2011 at 9:52 PM | Unregistered CommenterPyshnov
Who is this bitch on the other end of the phone line?

"The good news is the Greeks probably won't get any say in their serfdom"
Nov 1, 2011 at 10:08 PM | Unregistered CommenterBenjamin
At the prospect of a democratic election, the markets tremble in fear.
Nov 2, 2011 at 2:17 AM | Unregistered Commenterme

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