|SPY at FreeStockCharts.com|
Greek Prime Minister George Papandreou's plan for a referendum on the EU bailout package for Greece sparked uncertainty in the markets again because it might not pass. On Bloomberg, Irene Finel-Honigman, adjunct professor of international and public affairs at Columbia University, said: "the problem with referendums is that historically we have to remember that referendums on EU and EMU issues have gone anti-EU and anti-EMU. From the 1992 currency crisis, which was basically triggered by the referendum on Maastricht in France, in which there was the tiniest little percentage that voted for it; to 2005, where we had the vote against the Lisbon Treaty through referendums in France and the Netherlands which created a policy crisis. History proves that it is not a positive vote". Very interesting.
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