The best joke at the White House correspondents’ dinner last April came from Saturday Night Live’s Seth Myers: “I’m glad someone told me Donald Trump is running as a Republican,” he said. “Because I thought he was running as a joke.”
George Papandreou Photo: AFP/Getty
Welcome to the FT’s live blog on the eurozone crisis.
Curated by John Aglionby and Orla Ryan on the world news desk with contributions from correspondents around the world.
George Papandreou, the Greek prime minister, caused a major surprise on Monday night and re-opened the eurozone sovereign debt crisis when he announced a public referendum to approve the second bail-out thrashed out last week by European leaders. Public opinion polls show a majority of Greeks oppose the bail-out. The PM will hold an emergency cabinet meeting at 4pm UK time on Tuesday. Parliamentary debate on the proposal starts in Athens on Wednesday. We are wrapping up the live blog for today and will be blogging again tomorrow.
1839: A quick upsum of the day’s key events in Greece and the eurozone:
The Greek prime minister is facing calls to resign after calling a referendum on the EU bail-out plan. An emergency cabinet meeting is taking place on Tuesday evening.
The shocked reaction in the markets to the news that Greece will hold a referendum on the latest bail-out deal is entirely appropriate. That is because the Greek referendum would be a hammer blow aimed at the most sensitive spot of the whole European construction - its lack of popular support and legitimacy. It has been clear for some time that politicians at both ends of the euro-crisis – debtors and creditors, Greeks and Germans – have huge trouble bringing their electorates with them. As the crisis worsens, so voters will become more bitter and disillusioned. Allowing them a direct say, through the ballot box, will be a certain way of ensuring that the deal unravels.