November 3rd, 2011
03:10 AM GMT
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Cannes, France (CNN)- It wasn't the kickoff to the Cannes G20 summit that we'd expected.

The official opening Thursday was hijacked by an emergency meeting late Wednesday evening hastily arranged by host French President Nicolas Sarkozy. In the dock: the Greek PM hauled in front of European leaders and banking chiefs to answer charges that he was jeopardizing the entire eurozone project after his shock announcement to call a referendum on the October 27 European Debt deal.

Things couldn't be worse, right?

Well maybe not.

Now at least we know when the vote with be held – early December – and what the vote will be on: whether Greeks want to continue to members of the eurozone.

It's not perfect. But at least much of the uncertainty is gone. In fact, a "no" vote might even be a blessing for the eurozone. In the long run, the monetary union needs members who play by the rules if its currency stands any chance of survival – and success.

Perhaps now the players in Cannes can get down to the real business at hand because the stakes here couldn't be higher. This summit was always going to test the ability of the world's leaders to move forward with coordinated, coherent action to promote sustainable global growth and job creation going forward.

What Cannes needs is clarity. Coherent, coordinated action for a global economy in a mess.

Cannes do after all? We shall see…

soundoff (4 Responses)
  1. Lee McBRayer

    Are the policies of global economics in our country good for us when one very small nation can undermine our own ecomony??. I would rather see stronger policies insuring a bullit proof American economy. Short term profits should not allow us to risk it all on the domestic activities of any other nation.

    November 3, 2011 at 1:47 pm |
  2. rekounas

    I remember when Greece joined with the Eurozone... my cousins all told me it was a terrible idea and Greece had nothing to offer the other countries other than a vacation spot. I had also visited Greece prior to the Eurozone and remembering things being reasonably priced... after the merger, prices went through the roof and everyone was spending money, taking mortgages that they would only pay interest on, etc. At the time I said, well that is bound to collapse. Didn't think it would take the entire Eurozone with it though.

    My guess is that they will leave the Eurozone.

    November 3, 2011 at 2:01 pm |
  3. Bored of Greece

    I don't get why they are still trying to save Greece. Yes, the short term consequences will be painful, but the long term gains far outweigh said loses.

    Take this chance to kick Greece out and either reinforce or plan to kick the other parasites. If things are done properly the Eurozone will emerge stronger after being able to adapt and solve something like this, not weaker.

    November 3, 2011 at 6:56 pm |
  4. warrior

    this is for BORED OF GREECE ID.... the eurozone will not emerge stronger once Greece leaves it. Greece has enough goodies to live, to you we are parasites, huh? think again who is the parasite!!!!!!!!! no one kicks Greece, we will kick you!

    November 3, 2011 at 8:23 pm |

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