Amid violence and riots
in Greece, it is increasingly clear Greek Prime Minister George Papandreou's days are numbered. Talk of containment is nonsensical.
Max Keiser is in Greece with excellent footage of Greek Rioting in Syntagma Square.
According to our hotel managers (all wearing gas masks) the government is jamming communications in the Square so
we had to come to a friend’s apartment 10
minutes away to upload.
http://www.youtube.com/watch?feature=player_e...p;v=uAAR0E1AQdw
See link for more
images.
Papandreou to Reshuffle the Deck
When all else fails, leaders inevitably
propose reshuffling the deck.
In this case it did not take long. After coalition talks with the opposition failed,
Yahoo Finance reported target="_blank" Greek prime minister to reshuffle Cabinet
Greece's prime minister, struggling to ensure Parliamentary approval for a
crucial austerity bill, said
Wednesday he would reshuffle his Cabinet and seek a vote of confidence for his new government this week.
Papandreou's announcement
came after hours of negotiations on a day when central Athens was rocked once more by anti-austerity riots and the debt-ridden country came under
massive pressure from markets.
"Tomorrow I will form a new government
and immediately afterwards
I will ask for a vote of confidence from Parliament," the prime minister
said, adding that "The country is facing critical times."
Wednesday's talks "reached the point that there should be a government of national unity and that Mr. Papandreou should not remain prime minister, because he symbolizes the failure of the last 18 months,"
senior conservative party official Panos Panagiotopoulos
said on Mega TV.
Reshuffling Deck Cannot Possibly Help
I have seen the deck and reshuffling cannot possibly help.
26 cards say
"Papandreou is Out". Another
26 cards say "Greece will Default". Two Jokers picture ECB president Jean-Claude Trichet as the court jester. The caption on those cards says
"Stubborn Fool".
Irony of the Day
The irony of the day comes from ECB Vice President Vitor Constancio who said “Some sort of Vienna
style initiative could be
conceived. It’s not
for us to provide solutions.”
Indeed, it is not for the ECB to provide
solutions. Yet, that is exactly what
the ECB tried to do when
Trichet foolishly stuffed
the ECB balance sheet with
Greek and Irish debt.
Time's Up
The market has decided that time is up. The ECB's only choice
in the matter now (assuming there is a choice at
all), is whether a Greek default will be orderly or disorderly.
The longer Trichet plays the fool,
the more disorderly the final result.
Greek Recap
·
Papandreou
Offers to Resign: target="_blank" Opposition Tells Greek Prime Minister to Step Down; Papandreou Offers to
Resign With Strings Attached
·
Emergency
Session Fails: target="_blank" ECB Divorced
From Reality; What is US Exposure to EU Mess?
·
Irish
Finance Minister Flip-Flop: target="_blank" Yesterday Noonan Vowed
to Screw Irish Taxpayers;
Today Seeks Haircuts on Senior Irish Bonds; Lessons
From Iceland.
Mish
GlobalEconomicAnalysis.blogspot.com
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