THEN: Carney supports Greek referendum
November 1, 2011 | 16:04
By MARK DUNN, Senior National Reporter | QMI Agency
OTTAWA - Canada's top banker says he fully respects a bombshell decision by Greece to hold a referendum on a bailout package that sent global financial markets into a tailspin Monday.
Bank of Canada governor Mark Carney appeared before a Commons committee Tuesday, on the eve of a G20 summit in France, where the crisis in Greece has prompted calls for the country to be tossed from the European Union.
"If this is Greece's decision, we fully support that," Carney said about embattled Greek prime minister George Papandreou's declaration to let his countrymen decide whether to accept last week's eleventh-hour rescue package.
"It is imperative there is widespread democratic support for those measures," said Carney.
The worsening financial situation and the potential for Greece to reject the $180-billion bailout risks sending the country into default.
NOW: Papandreou scraps Greek referendum as internecine erupts in his party
Greece's prime minister clings on to power on day of drama, but is likely to lose Friday's confidence vote in Greek parliament
Helena Smith and David Gow in Athens
Thursday 3 November 2011 21.29 GMT
The Greek prime minister, George Papandreou, has been forced by open warfare in his socialist party to cancel a planned referendum on the latest bailout package for his near-bankrupt country as he fought for political survival amid mounting scepticism over the crisis-hit nation's future in the eurozone.
After a day of high political drama, intrigue, farce and rumour, Greece descended further into chaos as Papandreou, clinging desperately to power, insisted on holding a confidence vote in his administration on Friday. But, as his majority shrivelled to just one, he also said talks over the creation of a unity government were already underway.
Thursday, November 3, 2011
Posted by Brent Fullard at 6:10 PM