Deadly riots erupted in Greece over the weekend in protest of the government’s latest austerity plan, which was passed by parliament to meet the requirements of the “Troika” for the next Greek bailout. Prime Minister Papandreou reacted by pledging to hold a referendum on the issue of the new bailout plan. The possibility that Greece might refuse the new bailout — and thus all but guarantee its default on its sovereign debt — caused stock markets all over the world to drop precipitously. Stock indexes in Europe and the United States fell from 2% to 4% today.
In other news, alleged computer hackers invaded the Palestinian telecom networks and brought down telephone and internet service in the territories. There’s no word yet on whether the hack attack was in retaliation for the admission of “Palestine” to full membership of UNESCO.
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