November 3rd, 2011
03:10 AM GMT
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…
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