Surprising decision, Greece's prime minister PaPanDeLiOu a referendum of the $17.8 billion of European help city plan has laid bare the miserable state in front of it the economy of choice. On Wednesday, the PaPanDeLiOu hold referenda move quickly to the Greek parliament, place the New York times "report, and puts forward the distrust on Friday in power, he will be deleted. Why the possibility of transfer to the decision of the people? PaPanDeLiOu is cast as a democratic action, afford people power. But in Greece in front of it a bottomless options, you may see why he hope to punting decided to:
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Accept the assistance, although Angela merkel and nicolas sarkozy, the Greek rescue package to hope, they more than sweaty, according to President Clinton's former labor secretary Robert ·, explains why it is a tough pill to swallow. "If the Greek voters accept aid terms, the unemployment rate will rise further in Greece, public service will be cut by more than they had, the Greek economic contract, most greeks living standards will further deterioration," he wrote: proliferation.
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Stay in the euro zone, if Greek accepted aid, it may stay in the years of the euro zone. As a New Yorker's John KaXiDi explain, this will ensure that more tightening and potential difficulties for many years. "If the greeks left and the euro, even if is to agree with the latest part of the agreement, with reduced, the country's debt after the very big:? At least a and % 20 gross domestic product, and may be much more," he wrote. "Tied to a European currencies, the only way of Greek growth and prosperity will reduce its labor costs, that is, a cut in wages, relative to other European countries, its exports more competitive. As fiscal policy by Berlin and Paris dictate, this will involve grinding tightening for years."
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Refuse to aid the open ditch aid is also have its drawback, explained, the empire. "If the Greek voters refused to terms and national default, this will in future face borrowing costs far higher than most greeks living standards, this may reduce, too."
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Though not a given, if the Greek rescue package refused to plan, the country may decide to quit the euro zone, and return to drachmas. In "the New York times" on the xiao LAN faults, leave explain Thomas the euro zone. "The default state of the public debt of up to $500 billion will also was do-or-die, customers will take their money, local Banks and a sharp as high as 50% of the value, inflation will loom, in international credit markets, the return of the DuoNian will take to," he wrote. In addition, John KaXiDi points out, "the country's banking system may collapse, it is almost a cripple, have inflation will rise, will be a chaotic period."




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