Markets Are Falling, As Papandreou Says That Euro Membership Itself Will Be In The Referendum

This is for all the marbles: Bloomberg is reporting that George Papandreou will put everything in the big Greek referendum, including, yes, euro membership itself.

Despite major concerns about this referendum across Europe, and across the Greek government, it’s clear he’s really pushing for this move, and wants to put the question directly to the Greeks, rather than have them complain about austerity, while simultaneously wanting to remain in the EU.

All that being said, we don’t really see how other treaty partners can tolerate a country so openly willing to flout the agreement. It’s not that Papandreou is threatening to leave, so much as he’s not willing to do whatever it takes to comply with agreements.

Markets have taken another leg down on the headlines. S&P futures are off some 0.5%.

For some deep insight into Papandreou’s referendum gambit, see here.

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