US and Europe Enraged Over Greek Democratic Referendum To Approve Eu Bail-Out Deal

Greece is going down the tubes no matter what they do. The only question left is whether they will get to keep their national assets. Putting the IMF plan up to a vote almost assures that it will fail and Greece will go into bankruptcy. This will be a disaster, but at least they get to keep their assets and can recover over time.

I wish Greece well. Their current condition of economic enslavement is a result of a obsolete one sided economic model that no longer reflects reality in the 21st century. The same can be said for whats been happening here in the US. Perhaps Greece will be the first of many countries to break her chains to the Banks.

I personally think there may be more truth to this article than many would like to admit. Of course the Greeks are playing this close to the bone, they've been pushed into a corner, regardless of the reasons. These are not a primitive People, deliberation and consensus is prudent in their view. (like Syria's methods better?)
I wish them (and us) all the luck in the world, but I really doubt luck has much to do with it. We should all be having a long discussion, realizing we are all in this together, seeking consensus or other options.
I honestly believe there are mutual solutions, if we were more transparent and forthright. We are really not divided, but all the same. However, the Truth definitely does 'hurt'.

Read the tipping point by Malcom Gladwell, when we are proposed with the situations and environments in which the `1%` exist WE will ALL act in the same fashion of/as the 1% did. We are no different from them. Stop blame and start taking responsibility for what we all, as humanity, have come to accept and allow this system to exist as and support a better system. This movement does not support a better system only the beheading of the 1%.

When people understand the truth ...corruption doesn't stand a chance!
The 1% are only getting what they deserve ....think of the years they have been stealing from the citizens of the world!!! It's time to end their fraud and deceit.
United we will win divided we will fail!

http://www.prospect.org/article/bravo-papandreou
"Greek Prime Minister George Papandreou says his country will hold a referendum on a new European debt deal reached last week.

Greek Prime Minister Georgios Papandreou startled Europe and the financial world Monday by announcing that he will be calling a referendum on the terms of the latest deal negotiated by European leaders and bankers.

What is the Greek leader up to?

On one level, Papandreou is simply weary of being the agent of his own country’s economic destruction at the hands of bankers. He also is tired of the political unpopularity that comes with the role of broker of austerity.

But more important, Papandreou is resisting a double-cross already being cooked up by the bankers. He is playing the one card he has: If the bankers walk away from the partial debt relief committed in principle at the recent EU summit, Greece will default. And Papandreou wants that decision to be made, knowingly, by the Greek people and not by technocrats.

Here is what’s happening behind the scenes.

Charles Dallara, negotiating on behalf of the bankers, agreed to a 50 percent reduction in the amount of Greek government debt held by banks (a “haircut”), but the bankers are already trying to take a much smaller loss by monkeying with the fine print. By varying the details of interest rates and payback periods, bankers could end up losing a lot less than 50 percent—and Greece could end up getting a lot less than 50 percent debt relief.

Bottom line, Greece could wind up right back in the austerity trap, where the more the Greeks tighten their belts to pay debt, the more the economy collapses under them.

Bankers have already quietly unloaded a lot of Greek sovereign debt to hedge funds, and it’s not clear what kind of losses hedge funds are willing to take.

Even if bankers and hedge funds do take the full 50 percent loss as advertised, the European Central Bank and the International Monetary Fund, which together hold about one third of Greece’s roughly 350 billion euro Greek debt, expect to be paid in full. The official agencies are set to help Greece in other ways, by advancing the Greek government additional funds through the new European bailout agency, the European Financial Stability Facility (EFSF). But this is … still more debt on terms yet to be defined.

Then there is the problem of Greece’s own banks and its pension funds, which hold nearly $70 billion of Greek debt, and also ordinary businesses in Greece that are reliant on bank credit. If an exception from the 50 percent loss is not made for Greece’s own banks, their capital will be wiped out. The deal is supposed to include new capital from the ESFS for Greece’s banks, but that is not a done deal either.

In the meantime, Greece is supposed to continue with its program of stringent austerity to reassure the bankers and Europe’s political mandarins. But with this latest deal negotiated last week, Greece’s bankers as well as its workers and street protesters began sounding alarms.

At some point, enough is enough, and if the terms turn out to be one more tightening of the noose, Greece could have less to lose by just defaulting. At least that is Papandreou’s not-so-tacit threat".

Greece has been at it for a while, true democracy indeed. The entire globe should have a go at a referendum due to the globalization of greed.

Nothing like snubbing democracy in, where else but, the cradle of democracy.

Viva Greece! Why should they be used as the fall guy for the EU, an organization of states in name only that cares nothing for the whole but only their own skins? I say, give Greece their referendum. It is the right and Democratic thing to do.