So the referendum planned by prime minister Papandreou would have been on the terms of the bailout and not on membership of the eurozone. I say 'would' as it has now been called off (but who knows, it might be back on!). It is claimed now that the threat of a referendum was to jolt the opposition political parties into supporting the bailout package. Really.
It is believed that there is now a majority in the Greek parliament for acceptance of the bailout package. How much this is as a result of Papandreou's cunning plan or, as is more likely, the threat from the EU that withdrawal from the eurozone (which we were led to believe would be the referendum question) would also mean withdrawal from the EU.
However, Papandreou is not home and dry. He is seeking to form a national government and also win a vote of confidence in the Greek parliament. Will his political colleagues and opponents agree a coalition which he heads? How long will a coalition last after the bailout package has been agreed by the Greek parliament.
Just as importantly, how will the citizens react?
The sub-plot is the attitude displayed by the EU. I have posted a link to a forthright article by Janet Daley.
More worryingly, is what is happening in Italy which seems to be heading for economic collapse.
http://blogs.telegraph.co.uk/news/janetdaley/100115292/eu-threats-to-greece-become-more-hysterical/
http://www.spiegel.de/international/germany/0,1518,795658,00.html
http://blogs.telegraph.co.uk/news/davidhughes/100115385/oh-sh-is-this-the-euros-death-spiral/
http://www.telegraph.co.uk/news/worldnews/europe/eu/8866296/Greece-will-be-cut-adrift-if-bail-out-is-refused-says-EU.html
http://www.bbc.co.uk/news/world-europe-15568915
http://www.spiegel.de/international/europe/0,1518,795638,00.html
http://www.spiegel.de/international/europe/0,1518,795746,00.html
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