G20 Cannes summit was billled as the place from where European Union wanted to look ahead in future.
Unfortunately,just before the summit, we had the Greek Prime Minister showcase his political talent and come up with something really extraordinary.A call for referendum on austerity measures being proposed by EU.World over the markets thought that George Papandreou was playing with EU and subsequently they responded in their usual crash reaction.
How Debt happened for Greece!
There have been strong protests against these austerity measures and Greek parliament too has been completely divided.Infact, there has been lot of dissent in his own cabinet.That was the reason with which he could justify his move for the referendum.Surprisingly, this was a move where Mr. Papandreou did not consult or bring it to Greek parliament but took a unilateral decision.This idiosyncratic style of leadership has cast a shadow on his political future as well.
However, in a turn around Greece has agreed not hold referendum,which has been welcome by world markets with a sign of relief.according to FT.com, Greece bond repayment are due in sometime December and they desperately need to have the money to pay .
Unfortunately,just before the summit, we had the Greek Prime Minister showcase his political talent and come up with something really extraordinary.A call for referendum on austerity measures being proposed by EU.World over the markets thought that George Papandreou was playing with EU and subsequently they responded in their usual crash reaction.
How Debt happened for Greece!
There have been strong protests against these austerity measures and Greek parliament too has been completely divided.Infact, there has been lot of dissent in his own cabinet.That was the reason with which he could justify his move for the referendum.Surprisingly, this was a move where Mr. Papandreou did not consult or bring it to Greek parliament but took a unilateral decision.This idiosyncratic style of leadership has cast a shadow on his political future as well.
However, in a turn around Greece has agreed not hold referendum,which has been welcome by world markets with a sign of relief.according to FT.com, Greece bond repayment are due in sometime December and they desperately need to have the money to pay .
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