Greece prepares to light the blue touch paper

These were the words that reverberated through the Brussels bureaucracy and world financial markets this evening:

“We trust citizens, we believe in their judgment, we believe in their decision.  In a few weeks the (EU) agreement will be a new loan contract… we must spell out if we are accepting it or if we are rejecting it.”

No one saw this coming. As the EU’s elite congratulated themselves on announcing their unfunded €1 trillion voodoo financial package, to shore up Greece and thus keep the Eurozone intact for a while longer, Greek Prime Minister, George Papandreou, was preparing to ask the Greek people if they accept the terms of the deal in a national referendum.

Moves are already afoot in Greece to declare such a referendum unconstitutional.  The political class dare not ask the people what they want.  It is not the EU way.  The Greeks will almost certainly reject the deal, seeing it as an element of the austerity measures that have resulted in strikes and civil disorder.  That will mean a default on their already huge debt, and crucially, despite all the EU’s assurances to the contrary, the likely departure of Greece from the Euro.

If Greece defaults and decouples in such a manner, other indebted Eurozone nations such as Ireland or even struggling Italy, might just consider doing the same thing, leaving a mountain of debt in their wake and taking the opportunity to rebuild their economies with a new currency and manage their own financial affairs in their own interest once again.  The Euro would be in serious trouble.

As Merkel said, if the Euro fails, Europe (EU) fails.

The one-size-fits-all chickens might now be coming home to roost.  We will all feel substantial pain, but it will be pain that had been caused by the vanity, incompetence, mismanagement and anti democratic behaviour of the political class that has treated the people with contempt. People will not forget.

The very foundations of the European Union will be shaken if Greece lights the blue touch paper and presses ahead with a referendum.  This could be the start of a turning point in European history.  We are heading into uncharted territory and the possibility of conflict cannot be ruled out.

11 Responses to “Greece prepares to light the blue touch paper”

  1. 1 permanentexpat 01/11/2011 at 1:09 am

    If the Greeks have their referendum…& reject the terms of the bail-out, Brussels will smilingly suggest they have another referendum & get it right next time…that is the EU way.
    Unlikely to work in this case but we must wait & see.
    While I have some sympathy for Greece…which should never have been in the EU in the first place……I am not sorry that the spark of revolt has started in a smaller country rather than a larger one…or maybe not.

  2. 2 maureen gannon 01/11/2011 at 2:04 am

    Greece the land that created Democrac.
    Lets see if this fraudelent body the EU allows such an abuse of their undemocratic power. “Let the people decide?” what ever next.???????

  3. 3 maureen gannon 01/11/2011 at 2:05 am

    Democracy. sorry about the typo.

  4. 4 Barry 01/11/2011 at 6:37 am

    I can’t decide whether this is G-Pap washing his hands of the matter and setting the Greek people against Brussels or calling Merkel’s bluff. They’ve already got some of their debts written off why not go for broke, so to speak?

  5. 5 John Payne 01/11/2011 at 9:59 am

    Don’t hold you breath. The game is not over yet.

    The EU will not take this lying down, and I predict they will have their mandarins down in Greece (As they did in Ireland) to frighten the Greek people into submission. The problem is: How can this EU propaganda be neutralised?

  6. 6 William 01/11/2011 at 10:35 am

    Or could it be…

    Papandreou’s bailout referendum bombshell: has a broader German agenda inspired it?

  7. 7 ProgContra 01/11/2011 at 3:48 pm

    Perhaps this is a gamble to head off the violence in the streets? A referendum will split the opposition – those who want to continue the strikes, riots and occupations and those who want to focus on a referendum…

  8. 8 Old Sailor of Oz 02/11/2011 at 4:35 am

    “People will not forget.” The only weakness in an otherwise very good piece. 99% of the sheeple will have forgetten by tomorrow.

  9. 9 Old Sailor of Oz 02/11/2011 at 4:36 am

    Read “forgotten” sorry

  1. 1 OT: The disintegration of Europe | Australian Climate Madness Trackback on 01/11/2011 at 3:25 am
  2. 2 repost ? might have something to do with Greece! | Trackback on 03/11/2011 at 7:07 pm
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