
Last week Greek Prime Minister George Papandreou proposed a referendum vote on the newest EU bailout package. This vote would have, in effect, given the citizens of Greece the power to determine their own fate. If the people would've voted "no" to the package, Greece would have defaulted on their debt and pulled out of the Euro. This would've forced any bank with Greek debt on their books to have to write the assets down or off completely, likely driving many other EU countries into bankruptcy. France only cares about saving Greece because their own banks hold a lot of Greek sovereign debt, which means their banking system would become insolvent if Greece defaults and French banks have to devalue the assets on their books. As for how this may impact the US, the biggest insurers (derivatives players) of Greek debt are Goldman Sachs, Morgan Stanley, JP Morgan Chase, and Citigroup...all of which will suffer great losses on a Greek default. Unfortunately, the referendum vote was cancelled due to pressure from Greece's creditors. Greece can no longer fully practice democracy due to their debt to international bankers. Next EU countries to look for to default are Italy, Spain, and Portugal. Copyright RT News 2011 § 107.Limitations on exclusive rights: Fair use Notwithstanding the provisions of sections 106 and 106A, the fair use of a copyrighted work, including such use by reproduction in copies or phonorecords or by any other means specified by that section, for purposes such <b>...</b>
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