Posts by tag: bailouts

Archives November 4, 2011 posted by

Papandreou’s masterstroke

IS GEORGE Papandreou simply a man at the end of his tether, blundering from one political disaster to the next? Or is it possible that his move on Monday in announcing a referendum was a political masterstroke, calling everybody’s bluff? 

When Greek PM George Papandreou announced a referendum, his political opponents, several of his colleagues in the Socialist PASOK party, European leaders, the pundits and the media were unanimous in their condemnation. Just days after negotiating a further tranche of bail-out money with the European Union, which included the so-called haircut that effectively halved Greek’s debt, he had thrown a spanner in the financial works.  

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