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01 Nov 2011 10:25

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World: Stocks hate democracy: Greek PM puts aid package up for referendum

  • cause In a surprising move that threw off the entire world market, Greek Prime Minister George Papandreou said that he would put the country’s aid package up to a public referendum.
  • reaction Stocks worldwide reacted to the news poorly, including the U.S., which fell by more than two percent. The markets were already volatile; the danger of Greek default made things even worse. source