Wall Street vs. Greece: G20 Opens as Greek PM Pushes for Referendum on Bailout and Austerity Measures
World leaders are gathering in Cannes for the opening of the Group of 20 summit today. On the top of the agenda is the Greece bailout and the European debt crisis. On Monday, Greek Prime Minister George Papandreou angered many European leaders by announcing his support for a popular referendum—allowing the Greek people to decide if they want to accept the conditions of the $179 billion European Union bailout. After days of increasing criticism from European leaders, Greek Prime Minister George Papandreou is now facing calls from within his party to resign. The Greek debt scandal has also pitted U.S. banking interests against France, Germany and other European powers. "The Americans are putting immense pressure on Europe, saying, 'We will wreck your economy, if you don't wreck Greece’s economy,’" says economic analyst Michael Hudson. President Obama is "basically telling Europe, ’Don’t go the democratic route. Support Wall Street.’"