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FBN’s Adam Shapiro on plans for a vote in Greece on the European bailout package for the country.
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Much involved.
The leaders of Germany and France are laying down the -- of right now to the Greek Prime Minister after she declared he is moving forward with the referendum -- On his country's bailout package because an -- secure when he did that.
That put this whole thing into a major hurricane did -- not.
It put not only put financial markets into her Cambridge -- newspaper in Greece is actually labeled George Papandreou the prime minister.
The lord of chaos and and is this is day -- is a left leaning newspaper that's not calling in the -- -- Important news that just broke about when he minutes ago everyone keeps saying this referendum if it takes place -- -- saying -- take place in December may December.
And if it does take place -- to say yesterday at least.
That the Greece could get the citizenry to approve it by saying do you want to stay in the Euro -- This referendum according to Dow Jones is going to be.
About the bailout it's not gonna be a question about the the staying in the Euro -- the question will be about the loan agreement and the austerity measures.
Keep in mind.
70% of Greeks want -- stay in the Euro -- 60% of Greeks according to a poll yesterday.
Hate the bailout package this morning a note from high frequency economics summed up the situation in Europe this way as -- wrap up.
Prospects for an orderly resolution of -- Lance crisis.
Have never been bleaker than they are now -- you see it reflected in the yields on ten year Italian bonds.
The borrowing cost for the time government as well as Spain have gone up they did not come down today by much there's still over 6%.
So this is trouble for Europe and they want a resolution Sarkozy and Merkel.
Telling Papandreou have this referendum no later than mid December and you have to decide whether you -- us here against us.
Adam Shapiro.
