The hot story of the moment is obviously the Greek referendum story: The news that PM George Papandreou has called for a national referendum (most likely held in January) on approving the country’s reform and rescue plans.
The news is causing markets to get seriously discombobulated, as yields blow out, and equities plunge.
Meanwhile, the other story going around Europe is this one.
Here’s the Telegraph’s take on it:
Jubilation about the German deal to save the euro could prove short-lived if fresh news of Greek tax evasion gains wider currency. There are more Porsche Cayennes registered in Greece than taxpayers declaring an income of 50,000 euros (£43,800) or more, according to research by Professor Herakles Polemarchakis, former head of the Greek prime minister’s economic department.
Something about this story seems a little to pat, and so we’re sceptical, but whatever. The point is that another story about “tax-evading Greeks” is making the rounds right at the worst time. Not sure how the rest of the Europe will wait for Greece to even hold a vote in January at this point.