Greek PM Prepared To Step Down To Form Alliance Government Even As Opposition's Samaras Demands Substantial Renegotiation Of Bailout Terms

Tyler Durden's picture

Developments in Athens are to say the least fluid. The latest news out of Athens News states that G-Pap is prepared to step down in order to form an all-party consensus government with the main opposition party, New Democracy. "Prime Minister George Papandreou held talks with main opposition New Democracy leader Antonis Samaras on the telephone on Wednesday, after a round of telephone calls with the leaders of the other political parties in Parliament. Their conversation lasted roughly 20 minutes. While an earlier official announcement by ND had refused to disclose the content of their talks before Papandreou had expressed his position, unnamed sources within the party said that the prime minister had described the situation as extremely difficult and that he was prepared to consider either an all-party government or a broader alliance government. The same sources said that Samaras did not reject the proposal but made it clear that this could not work with Papandreou as prime minister. To this, always according to ND sources, Papandreou apparently replied that he was not concerned about whether he was prime minister." And while the political wrangling is irrelevant for the rest of the world, what is relevant, especially for the ECB which would need a bail out by the Fed should Greece default is the following: "Samaras has apparently made it a condition that there is a substantial renegotiation of the terms of the Memorandum for the loans to Greece, in order to agree to an all-party government." Good luck passing that by the Troica. In other words, Greece is now in a power vacuum and the worst case outcome for Europe appears set to be realized.

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CrashisOptimistic's picture

This is called, "Let's get all the parties to sign on so that when I backstab the people, I won't be voted out."


Franken_Stein's picture


It's going to be a grand coalition of backstabbers.

They're already wielding their knives.

It's not easy to be a banker's puppet these days in Greece.


topcallingtroll's picture

Keep stoking the fires and keep convincing the greeks it is all the banker's fault. They will fight harder to bring down the system.

Of course people voting for the politician that promised them expensive benefits has nothing to do with the debt!

Fish Gone Bad's picture

Step 1: Start drinking heavily.

Step 2: Get out the pitchforks and torches.

Step 3: Burn shit down.

camaro68ss's picture

this is just a small set back, a "bump in the road" if you will

mkkby's picture

Look for the same thing that happened in Ireland.  The opposition party will win by a landslide by promising not to force taxpayers to bail out foreign banks.  As soon as they take office they'll reneg and continue with austerity to pay off the banksters.  Count on it.

Urban Redneck's picture

Rocking Chair, check.

Rifle, check.

Booze, check.

Front-row seats to the self-immolation of the Greek people, no thanks.

A nation is well down the road to hell when its borrowing is greater than its economic production.  The cold hard math at that point is rather ugly.  Each dead Greek (as a mathematical average) is a net reduction in the State's borrowing needs. 

The question is how to increase economic production so that the tax revenue paid on it exceeds borrowing the State's borrowing needs, or reduce borrowing needs so that they are less than the tax revenue collected on economic production.

caconhma's picture

The major socialists selling point is fraud, i.e., to make promises they can deliver ONLY with Somebody Else wealth & money.

Consequently, to get this Somebody Else wealth & money socialists have only two avenues: conquest wars (grabbing other nations valuables and enslaving other people) and domestic class wars (wealth redistribution & confiscation and establishing of a domestic totalitarian state).

A totalitarian state is an absolute must since an advanced socialist state is incapable of delivering on its promises without endless domestic and international wars since it is not economically viable & productive .

It is important to understand the importance of a transition process to a advanced socialist state. Fascism and communism require a violent transition by overthrowing of an old system. The other "isms" employ somewhat gradual transitions and, at it earlier transition stages, democracy, social liberties, and economic well-being are still present.

Problem Is's picture

The Moronic Reasoning of a Troll

"Keep stoking the fires and keep convincing the greeks it is all the banker's fault."

  1. Banksters caused the derivatives economic crash...
  2. Banksters bought worthless politicians to bail them out...
  3. Banksters and share holders should have been wiped out in bankruptcy...
  4. Banksters should have been fired and prosecuted...
  5. Banksters paid themselves huge bonuses with tax payer money...
  6. Banksters should pay for the damage... derivatives tax...
  7. Banksters bat Lead Off on Bastille Day...
oogs66's picture

Or maybe he doesn't want to be blamed for bringing down the euro himself?

Franken_Stein's picture


Look's like the parrot is going to hit the fan.

Nuff said !


StychoKiller's picture

In ancient Minoa, frescoes depict the sport of bull vaulting, today we get to watch a bunch of clowns in the center ring -- got popcorn?

Hedgetard55's picture

Power vacuum, bitchez.

"Open the pod bay doors, HAL."

"I can't do that Dave."


centerline's picture

G-Pap and the New Democracy.  Sounds like a rap group.

malcom x's picture

Will then, I would expect Dow, S&P, Nas to be up half a percent with the all important Rus2K to be up a full percentage point on such great news as the Fed and its cronies work overtime this afternoon.  Not sure they will be able to control the close however.....

rubearish10's picture

Maybe so, however, markets appear as orderly as "order" can be controlled by Central Planning. By no means does today's conditions imply a "near panic" condition or an "on the verge" moment "not to happen yet again". LOL, LOL and more LOLing. Don't worry, commodity risk tarde appears to be on as those who haven't read today's core CPI yet and still think "TRANSITORY" is the word!

MacedonianGlory's picture

Papandreou will be imprisoned.

Wait and you will see soon

Problem Is's picture

Papandreou will flee to the City of London and avoid extradition like the Icelandic banker whores...

Standard opeerating procedure for a treasonous agent of the Anglo Banking cartel..

Mae Kadoodie's picture

Sounds like a G-Pap schmear.

SheepDog-One's picture

Lets see...the people are rioting in the streets and want to kill us, so lets just rename our govt, thats sure to fool em!

topcallingtroll's picture

I am delirious with joy watching the slow death of socialism in southern europe.

The first domino will soon fall. Dont be disappointed when the greeks and germans work something out so that this next loan disbursement comes thru on time.

The greatest joy is watching the socialist greeks on the streets inadvertently hasten the demise of socialism, thinking that they are saving it.

SheepDog-One's picture

When you dont have a sandwich, or gyro in Greeces case, youre not much of a Socrates. All you know is you dont have a gyro.

theMAXILOPEZpsycho's picture

Just kill the whole political class: the politicos, journalists, newsreaders, academics

whose going to protect the banksters then?

qussl3's picture

Wouldnt it be easier if you skipped the sychophants and dealt with the source?

theMAXILOPEZpsycho's picture

no, they are the barrier

get them first and the bankers won't be able to farm the people on their own

but before them, get the police

violence must be used

Problem Is's picture

"The whole political class: the politicos, journalists, newsreaders, academics..."

These are the modern Kulaks... and we all know Iosef Dzhugashvili's recommendation on the Kulaks as a class...

Kulaks: "bloodsuckers, vampires, plunderers of the people and profiteers, who fatten on famine.”

Central Wanker's picture

Power vacuum?

The  bankers are still in power. There's no vacuum!

rayban's picture

Clearly it would be better for Papandreu to leave the command post and have a "technical government" with experts as ministers and a neutral PM to pass the new package. The question is whether the opposition will let him do it.

THE DORK OF CORK's picture

Its those pesky derivative monoliths

They are shrinking the planet to create a artificial fusion event.

"All these Worlds are yours except Earth , do not attempt to consume there."



Sudden Debt's picture

Last call for the Greeks to get out of Greece.

Those who haven't moved their assets or converted them to PM's they can hide in a pit in their yard are fucked by the comming taxman who will take from them whatever is needed to rebuild the country.

I would even move from Greece, and come back in 5 years to buy up the pieces.



StychoKiller's picture

How's that "new" Belgian Govt working out?  (Oops, still working on forming one...)  :>D

doesmybuttlookfatinthis's picture

Where's Hamy? I was going to ask him if it was Ok to go back to investing in Greek bonds.

Id fight Gandhi's picture

Do you really want to hear the bs about how great things are because pandora ipo.

Becomes more annoying after awhile than comedy foil.

qussl3's picture

Smart fucker this one, wants to make sure his agenda is followed thru while escaping the backlash.

If Samaras is dumb enough to bite then the greeks really are doomed.

OliverTwist's picture

And the PMs are finaly reacting. This is a good sign!

Catullus's picture

Failed state. This is your Lehman domino for the rest of the EU.

gwar5's picture

Power Vacuum, bitchez!

It sucks to be a Euro-elitist right now. If Greece operates under any kind of real democracy, the real authority and power for government always belonged to the people. Power is merely returning where it belongs and the fraud is being stripped away.

Once the true authority is reestablished, a meaningful and lasting decision can be made by the Greek people who shall decide their own fate, as it should be. 

forexskin's picture

deciding their own fate doesn't mean sh!t if they can't put their shoulder to the wheel and earn it...

in a nutshell, the problem with socialism.

PY-129-20's picture

What about Spain? They are blocking their parliament too and there are many injured people...

SheepDog-One's picture

DOW 12,000 can only be maintained with 1 govt overthrow in the news per day.

Cone of Uncertainty's picture

Hey, hey, let's not get ahead of ourselves, can't we enjoy one blow up at a time?

I for one want to see some death and destruction--enough of this petty rioting bullshit.

When will these Greeks grow some balls and start killing their slave masters?

What the fuck are they waiting for?

francis_sawyer's picture

That's the line for the Lady Ga-Ga tickets...

Dick Darlington's picture

Official statistics on house prices was released today and the plunge is gathering pace. Also today came court ruling against the case that underwater mortgage holders could walk away american style. Spanish banks have been kicking the can and hiding the massive losses from the housing bubble. But the day will come when it's all forced on them and it's gonna be ugly.

Calling Elena Salgado who has repeatedly said the caja's are fine and everything else in the economy is fundamentally sound. Don't know where she gets her mushrooms but i would surely want some of those.

MrTrader's picture

BLABLABLABLABLA. Why should Papandreou leave office? For clueless Samaras? An amateur in finance?

MacedonianGlory's picture

Papandreou is going to be imprisoned because of treason

AldoHux_IV's picture

Sounds to me like the government is still unwilling to hear the demands of the people and is willing to sell every man, woman, and child in order to keep the bullshit system going.

There is no aid/rescue package from the treacherous Troika, and it should be viewed as it really is: the stripping of individual rights and the handing over of the entire state to a corrupt immoval financial cartel hell bent on enslaving the world.

Eireann go Brach's picture

Its shocking and surprising that the first head has not rolled yet literally...once the heads of a politician or a banker show up in some French baskets, negotiations will take a turn for the better on behalf of the people...any day now!