The hope of solving economic crisis of Eurozone has again come to failure when Greek Prime Minister George Papandreou announced Referdum to be held.This referendum is all about whether to pass the austerity measures or not.This has created a massive turnover in Europe.The decision made by European Union leaders to bailout Greece and solve its economic disaster in G20 summit was no longer of any use.
If the Referendum was passed then there would be no austerity measures.If austerity measures are not implemented then Greece would not be able to pay even its 50 percent debt which would finally lead it into state of default.The French President Nicolas Sarkozy was found to be amazed when Greek Prime Minister announced for referendum.The same condition was with Chancelor of German,Angela Merkel.The German Chancellor has stated that taking Greece in Eurozone was a mistake.The whole situation is based on the result of referendum.
The decision to hold referendum has created several problems for Greek Prime Minister.Even his party members are not supportive.He has realized that he will not be able to count the support of his party members for this referendum to pass.BBC source has informed that Prime Minister has decided to scrap the referendum for holding his party support.In the recent G20 summit held on Cannes ,the leaders of France and Germany have strictly notified Greece existance in Eurozone will be determined by this referendum.
Prime Minister has seeked help from opposition MPs for making a coalition government.But this request was denied.Now, it is really hard time for PM.He must quickly act before its too late.This situation of Greece is been watched by the entire nation.Lets hope PM George Papandreou takes right decision and secure future of Greece.
