Greece Lightning; Financial Markets  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 401 no. 8758 (Nov. 2011), page 81-82.
Topik: Investors; Statistical Data; International; Securities Markets; Euro; Sovereign Debt

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Markets rally every time euro-zone leaders announce a plan to solve their debt crisis, as they did again on October 27th. But within a few days, it becomes apparent that each package has not solved the underlying problems, and investors are pulled back into the mayhem. On October 31st the unheralded announcement by George Papandreou, the Greek prime minister, that he would call a referendum on the debt deal turned market sentiment drastically. It prompted intense pressure from Angela Merkel, the German chancellor, and Nicolas Sarkozy, the French president, that any such referendum be held as soon as possible and become a vote on staying in the euro. By November 3rd, as The Economist went to press, the prospect of a vote that could pave the way for an exit from the euro, and a disorderly default, had pushed the Greek government to the brink of collapse. If Papandreou is ousted or his government falls, a referendum becomes much less likely. But uncertainty about Greece's ability to stay the painful course and remain in the euro will persist. Investors were also unnerved by signs that the European economy seems to be slipping closer to recession.

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