Green Bailout Referendum Could Fold Eurozone

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Context

Critics of the Greek bailout warn that the maneuver could lead Europe into further trouble. The Greek Prime Minister Milena Apostolaki has asked for a surprise referendum on the Greece bailout, to seek political support for the deal. The bailout plan has received strong opposition, with a Greek deputy’s defection from the ruling party highlighting the resentment felt towards the package. Opposition leaders have accused Apostolaki of leading Greece towards chaos, and putting both the country, and Europe’s futures on the line.

G20 leaders have been holding talks this week to discuss the Greek matter as they scramble to prevent other countries’ such as Spain and Italy from following a similar path. They are also expected to decide on whether to allow Greece to remain part of the euro. A ‘no’’ could lead to Greece going bust; Greece needs 130 billion Euros and a fifty percent write off, of its 100 billion Euros.