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World Markets Slump
| International News by Staff ReporterAt news of a Greek referendum
Global stocks plummeted on Tuesday at the news of a Greek referendum on Europe’s debt rescue plan – which was agreed upon only last week.George Papandreou, the Greek Prime Minister, has called for a vote of confidence on Friday and then a referendum on the debt deal that was painstakingly put together by EU leaders last week.
This news has sent shockwaves through the global financial markets, resulting in losses of between 5% and 10% in some markets. Many European markets slumped more than 5% on Tuesday while Asian markets were not much better off.
According to French President Nicolas Sarkozy the decision by Greece to hold a referendum had “surprised all of Europe.”
“France reminds everyone that the accord adopted... unanimously by the 17 member states... is the sole possible way to resolve Greece’s debt problems,” said Sarkozy.
“Giving people a voice is always legitimate but the solidarity of all the eurozone countries is not possible unless each one agrees to measures deemed necessary.”
Speaking about the decision by Greece to hold a referendum World Bank president Robert Zoellick likened it to a roll of the dice.
“If it passes that could be a positive signal for people,” he said. “If it fails, it’s going to be a mess.”
Source: www.bizpremises.co.za
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