Markets fall on as Greece announces referendum on euro bail-out

[katty]

more:
http://www.telegraph.co.uk/finance/financialcrisis/8861840/Markets-fall-on-as-Greece-announces-referendum-on-euro-bail-out.html

London's FTSE 100 index of leading shares dropped more that 2pc, with markets in Germany falling, France, Spain and Italy sliding between 2.7pc and 4pc.

Andrew Lim, banking analyst at Espirito Santo in London, said: "If Greek voters reject the unpopular bailout plan it could result in a "hard default", which could force banks to take losses of about 75pc on their Greek sovereign bonds, trigger payouts on credit default swap insurance contracts, and raise the threat of a systemic risk.

"If we get a hard default in Greece, it will exacerbate the situation with Italy and Spain. It just increases the problem of Italy going down the same route, and that's the real risk.

[walerosco]

1. Go get em Greece

Follow the lead of Iceland and stiff the evil bankers trying to drain your resources. Take the default now, dont wait to do it in 1-3 yrs when you have gone deeper in debt.

[demigoddess]

2. what's wrong with a little democracy? If they are going to do

something as a nation, what's wrong with voting on it? Especially in a smaller country, not like ours which would take 2 years to get a vote done.

[Marazinia]

3. Because they know darn well they aren't going to like the will of the people

[Dont call me Shirley]

4. Let the f-ers who caused this financial fiasco go down, take them down.