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Tuesday, 1 November 2011

Why Greece is more democratic than the UK!

Papandreou said, when he announced the referendum in January:
“Citizens are the source of our strength and citizens will be called on to say ‘yes’ or ‘no’ to the agreement. It is not for others to decide but the Greek people to decide … we have faith in the people. We believe in democratic participation. We are not afraid of it. The people will be asked whether they want to adopt or reject the deal. This vote of confidence will be a foundation stone on which we will build a new structure, a new Greece.”
Hat tip to Guido 

Further information from Citi A.M.

Greek referendum bombshell hits markets



Markets were plunged into renewed gloom today as Greece sent shockwaves through the Eurozone by announcing that it would hold a referendum on the bloc's action plan to tackle the debt crisis.

The renewed uncertainty hit banks while commodities were also dented by disappointing manufacturing data out of China.

Meanwhile the Office for National Statistics said that that UK gross domestic product increased by 0.5 per cent between July and September.

That represents an improvement on the second quarter, when economic growth was just 0.1 per cent.

Full article at Citi A.M.

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