The unexpected announcement by Greek PM Papandreou yesterday that he is to call a referendum and ask people to vote about the October 24 agreement is the opening salvo in the endgame of the Greek tragedy. Is this extraordinary gambit a genuine request for a popular mandate or a desperate bluff of a gambler down on his chips?From what I've seen this morning both from business sources (for example, this) and activists at various internet sites, everyone is quite stunned by the announcement of this Greek referendum. The referendum looks very much like a desperate gamble that may very well become a pivotal event. Because if the Greek government fails to gain support for the Oct. 24th agreement, it could precipitate a dramatic unfolding of world changing events in the near term.
12:25 PM (Pacific Time) Update: the latest word is that the referendum has been cancelled! Clearly, the European ruling class vetoed it.