Interesting development in Greece. The country that went broke and is in need of massive financial help to stay afloat. The Trojka (IWF, ECB and EU) and even the banks bent backwards to make this possible

And now MP Papandreou called for a referendum and all hell broke lose.

Headlines use words like ” meltdown”, ” jeopardy” and “high risk gamble”. The euro and global stocks were pummelled on financial markets after the Greek move threw into question the survival of  efforts to contain the euro zone’s sovereign debt crisis.

What is happening ?

The MP is asking the people to decide about their destiny and their opinion about the debt deal with foreign lenders. And the markets and their political supporters are panicking. Whatever the reason – it was a desperate, yet timely decision.  Indeed, this referendum is a turning point of power.

Not only for Greece. But for Europe.