http://niacblog.wordpress.com/2009/07/19/breaking-news-khatami-calls-for-a-referendum/
The National Iranian American Council (NIAC) does a good explaining the significance in their post:
"This announcement signifies that the Mousavi camp and Rafsanjani have officially joined together in an attempt to force Khamenei to respond. Calling for a referendum is intelligent because it would allow the Supreme Leader to save face – as he would not necessarily be invalidating the election results.
It seems that Khamenei’s response to this development will depend on how much pressure he feels from the recent protests. And quite frankly, it’s a possibility that Khamenei does not possess the absolute power many believed him to have prior to the elections– perhaps the paramilitary will pressure him into using continuing with his current policy."
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