Some headlines are suggesting the referendum will be on the euro but I don’t think that’s the case. It will be about the EU bailout. In any case, it’s a de facto referendum on the euro and it will be framed like that by the gov’t.
“The referendum will be a clear mandate and a clear message in and outside Greece on our European course and participation in the euro,” Papandreou said, according to a statement released by his office. “No one will be able to doubt Greece’s course within the euro.”
I’m starting to feel like a referendum isn’t such a bad idea and that it could win. Might be worth a kick at an EUR/USD long here (1.3644) with a stop at yesterday’s low (1.3606).
