Greek economy referendum, 2012

A referendum to decide whether or not Greece was to accept the conditions under which the European Union (EU), the International Monetary Fund (IMF) and the European Central Bank (ECB) would allow a 50% haircut of Greek debt owed to private creditors was planned to be held in 2011. However, Prime Minister George Papandreou decided to cancel the referendum on 3 November, if the opposition parties vote in favour of the EU deal. The proposed referendum was later cancelled.

On 31 October 2011, Prime Minister George Papandreou announced the referendum saying that: "We need wide consensus (for the aid programme). We are part of the eurozone [which means] many rights and many obligations. We will live up to our obligations."

Constitutional issues have arisen with regards to such a referendum, as Article 44 of the constitution of Greece specifies that referenda on critical national matters and social bills are permitted while referenda on fiscal bills are not. This was to be Greece's first referendum not having to do with a change in the form of government, and the first referendum since 1974.

Papandreou suggested the referendum would be held on 4 December. However, Finance Minister Evangelos Venizelos specified that the referendum would take place in 2012, after the plans for the haircut had been finalised. Other sources put the date of the referendum to December 2011. According to Nicolas Sarkozy the referendum would have taken place on 4 or 5 December 2011.

Polls in Greece suggested that up to 60% of Greeks were against the deal reached with the EU over Greek debt on 27 October 2011, however a survey in September 2011 showed that 63% of Greeks viewed the euro as something positive. The same survey showed that 66% of Greeks viewed the return to the drachma as something negative.

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