Greeks to hold a referendum on new EU deal
Monday, October 31, 2011 at 10:36PM
Gold Prices


The euro bailout plan, albeit in outline only has hit the skids with the news that the Greeks will now have a referendum regarding acceptance or rejection of this new proposal. The mood of the Greek people would suggest that the answer will be a very firm 'No Thanks' which leaves the eurocrats with the problem of either sweetening the deal or cutting the umbilical cord.

The outcome of this process presents us with bigger dangers than just the Greeks exiting the euro zone. The politicians will seize this opportunity to push for a unified European financial strategy where the individual sovereign states will have very little in say about the austerity packages they about to labor under.

Should the politicians succeed in gaining such powers then it will be Germany who will call the shots with France negotiating a good deal for France and look out below, for the remaining countries the job of propping up this fiasco will run and run.

As we have said before the best thing for Greece is to cut and run and return to the Drachma and start again with a clean slate, retaining the assets that are about to be sold or offered up as collateral for the loans. Yes, its dumping the problem right back in the lap of the lenders and should some of them go bust, so be it.

We guess its a case of back to the drawing board then..

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