Is Greece on its way out of the EU?

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Is Greece on its way out of the EU?

Postby Spearhead Research » Fri Nov 04, 2011 10:38 am

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Is Greece on its way out of the EU?

With Greeks being given the right to veto a bailout plan devised by EU leaders, we ask if the country will now default.

Just days after the European Union (EU) thought an agreement had been reached over another bailout plan for Greece, George Papandreou, the Greek prime minister, has dropped a bombshell.

He has announced a referendum on the issue, saying the Greek people must be given the opportunity to decide whether or not to accept the measures - effectively allowing the voting public to veto a plan that EU leaders thought had already been agreed to.

Now there is new uncertainty over Greece's position within the eurozone - and the real possibility, in the case of a public rejection, that Greece could default on its massive debts and, in an unprecedented scenario, drop its membership of the EU, along with its financial obligations.

So, could this be the first step towards Greece defaulting on its debt and abandoning the EU? And what impact will it have on the euro, the EU and the world as a whole?

Inside Story, with presenter Mike Hanna, discusses with guests: Vagelis Agapitos, an independent economist; Matthew Lynn, the founder and director of Strategy Economics Consultancy and author of the book Bust: Greece, the Euro and the Sovereign Debt Crisis; and Uli Brueckner, a professor of European Studies at Stanford University, Berlin.

"We've already seen endless protests, street rioting in Greece, we're seeing the level of popular reaction against it and I think actually having a democratic vote is a much better way of dealing with it than having people protesting in the street."

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