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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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Wed, 06/15/2011 - 10:55 | 1370996 CrashisOptimistic
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."

 

Wed, 06/15/2011 - 10:58 | 1371013 Franken_Stein
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.

 

Wed, 06/15/2011 - 11:09 | 1371044 topcallingtroll
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!

Wed, 06/15/2011 - 11:10 | 1371055 Fish Gone Bad
Fish Gone Bad's picture

Step 1: Start drinking heavily.

Step 2: Get out the pitchforks and torches.

Step 3: Burn shit down.

Wed, 06/15/2011 - 12:07 | 1371294 camaro68ss
camaro68ss's picture

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

Wed, 06/15/2011 - 12:13 | 1371302 mkkby
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.

Wed, 06/15/2011 - 12:35 | 1371430 Urban Redneck
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.

Wed, 06/15/2011 - 12:04 | 1371251 caconhma
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.

Wed, 06/15/2011 - 13:35 | 1371738 Problem Is
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...
Wed, 06/15/2011 - 11:19 | 1371081 oogs66
oogs66's picture

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

Wed, 06/15/2011 - 10:55 | 1370999 Franken_Stein
Franken_Stein's picture

 

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

Nuff said !

 

Wed, 06/15/2011 - 22:41 | 1373372 StychoKiller
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?

Wed, 06/15/2011 - 10:56 | 1371002 Hedgetard55
Hedgetard55's picture

Power vacuum, bitchez.

"Open the pod bay doors, HAL."

"I can't do that Dave."

 

Wed, 06/15/2011 - 10:57 | 1371006 centerline
centerline's picture

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

Wed, 06/15/2011 - 10:57 | 1371009 malcom x
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.....

Wed, 06/15/2011 - 11:00 | 1371023 rubearish10
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!

Wed, 06/15/2011 - 11:00 | 1371024 MacedonianGlory
MacedonianGlory's picture

Papandreou will be imprisoned.

Wait and you will see soon

Wed, 06/15/2011 - 13:38 | 1371763 Problem Is
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..

Wed, 06/15/2011 - 11:00 | 1371026 Mae Kadoodie
Mae Kadoodie's picture

Sounds like a G-Pap schmear.

Wed, 06/15/2011 - 11:01 | 1371028 SheepDog-One
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!

Wed, 06/15/2011 - 11:05 | 1371029 topcallingtroll
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.

Wed, 06/15/2011 - 11:03 | 1371036 SheepDog-One
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.

Wed, 06/15/2011 - 11:07 | 1371037 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

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

whose going to protect the banksters then?

Wed, 06/15/2011 - 11:15 | 1371062 qussl3
qussl3's picture

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

Wed, 06/15/2011 - 11:20 | 1371089 theMAXILOPEZpsycho
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

Wed, 06/15/2011 - 13:43 | 1371790 Problem Is
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.”

Wed, 06/15/2011 - 11:14 | 1371056 Central Wanker
Central Wanker's picture

Power vacuum?

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

Wed, 06/15/2011 - 12:47 | 1371489 francis_sawyer
francis_sawyer's picture

the bankers ARE the vacuum

Wed, 06/15/2011 - 11:14 | 1371058 rayban
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.

Wed, 06/15/2011 - 11:19 | 1371063 THE DORK OF CORK
THE DORK OF CORK's picture

Its those pesky derivative monoliths

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

www.youtube.com/watch?v=vhMYgq-0cGI

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

 

 

Wed, 06/15/2011 - 11:12 | 1371067 Sudden Debt
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.

 

 

Wed, 06/15/2011 - 22:45 | 1373381 StychoKiller
StychoKiller's picture

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

Wed, 06/15/2011 - 11:16 | 1371068 doesmybuttlookf...
doesmybuttlookfatinthis's picture

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

Wed, 06/15/2011 - 11:16 | 1371088 Id fight Gandhi
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.

Wed, 06/15/2011 - 11:13 | 1371070 qussl3
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.

Wed, 06/15/2011 - 11:15 | 1371079 OliverTwist
OliverTwist's picture

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

Wed, 06/15/2011 - 11:19 | 1371084 Catullus
Catullus's picture

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

Wed, 06/15/2011 - 11:20 | 1371101 gwar5
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. 

Wed, 06/15/2011 - 12:02 | 1371275 forexskin
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.

Wed, 06/15/2011 - 11:25 | 1371105 PY-129-20
PY-129-20's picture

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

http://www.spiegel.de/images/image-225846-galleryV9-jmjp.jpg

Wed, 06/15/2011 - 11:26 | 1371123 SheepDog-One
SheepDog-One's picture

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

Wed, 06/15/2011 - 11:26 | 1371126 Cone of Uncertainty
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?

Wed, 06/15/2011 - 12:49 | 1371507 francis_sawyer
francis_sawyer's picture

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

Wed, 06/15/2011 - 13:27 | 1371716 Dick Darlington
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.

Wed, 06/15/2011 - 11:25 | 1371118 MrTrader
MrTrader's picture

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

Wed, 06/15/2011 - 11:30 | 1371142 MacedonianGlory
MacedonianGlory's picture

Papandreou is going to be imprisoned because of treason

Wed, 06/15/2011 - 11:30 | 1371141 Cone of Uncertainty
Cone of Uncertainty's picture

http://twitter.com/#!/stacyherbert

Live updates from the Greecec collapse.

Wed, 06/15/2011 - 11:34 | 1371146 AldoHux_IV
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.

Wed, 06/15/2011 - 11:41 | 1371183 Eireann go Brach
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!

Wed, 06/15/2011 - 11:53 | 1371237 Peak Everything
Peak Everything's picture

pap smeared

Wed, 06/15/2011 - 11:58 | 1371261 Dick Darlington
Dick Darlington's picture

OT: Are the asian investors the "new Germans" when it comes to investing in "cdo's"

Either they have too much money or then they are just plain stupid.
Wed, 06/15/2011 - 12:05 | 1371274 qussl3
qussl3's picture

Never underestimate the stupidity of SWFs, it wasnt 3 years ago that a certain south east asian SWF pissed away 40B.

Wont be the least surprised if they piss it away again.

Wed, 06/15/2011 - 12:17 | 1371316 equity_momo
equity_momo's picture

Both. But market forces will take care of the former soon enough.

Wed, 06/15/2011 - 12:20 | 1371331 mberry8870
mberry8870's picture

When a politician does not care about his political future I am pretty sure it ain't good.

Wed, 06/15/2011 - 22:07 | 1373309 Buck Johnson
Buck Johnson's picture

They are delaying the inevitable, the people could care less who is PM or whatever.  What they don't want is the austerity pure and simple.  So you could vote some idiot into the office, as long as they don't have to do the austerity that is attempted on them.  All these politicians are doing is trying to figure out how to do the impossible.

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