Greece has agreed on organizing a referendum which will establish whether Greek citizens want to take the USD 140 billion bailout loan deal proposed by the euro zone.

“We have confidence in our citizens, we believe that this estimate, we believe that their decision,” said Greek Prime Minister George Papandreou (in picture). His decision to call for a referendum has been met with criticism not only across Europe, but amid Papandreou's party as well. The Government he currently runs will face a vote of confidence on Friday this week.

This referendum will be the first in Greece since the country decided to abolish monarchy in 1974.

"We will not implement any program by force, but only with the consent of the Greek people," Papandreou has also said. "The dilemma is not 'this government or another one', the dilemma is 'yes or no to the agreement', 'yes or no to Europe', 'yes or no to the euro,'" he said.

editor@romania-insider.com