| Markets Fall After Greek Referendum News |
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| Tuesday, 01 November 2011 12:07 |
 It's no surprise that markets have fallen following the announcement of a referendum in Greece over the recent bail out deal. Despite an agreement to write off 50% of the debt and to strengthen the bail out fund the Greek Prime Minister, George Papandreou, is giving the Greek people the final say.
Presently opinion polls in the country show people do not support the deal which would see tax rises, reduced pensions and public sector pay cuts to help reduce the Greek debt. Papendreou is also facing discontent within the Greek parliament with opposition parties calling for early elections and dissent within his own party. A vote of confidence taking place in the Greek parliament on Friday. There is now doubt over whether the deal will even happen, and as the referendum is not likely to happen this year it means further months of uncertainty for the eurozone and the markets. Image: thephotoholic / FreeDigitalPhotos.net
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