More Greek Drama: Coalition Member PASOK "In Turmoil As It Seeks To Quell Rebellion"

Tyler Durden's picture

First it was news that Europe's weakest link may be broken following a Greek court doing the unthinkable, and actually enforcing the constitution, and now we learn that in addition to at least one definite defection from the Greek coalition government - PASOK (as reported earlier), the entire party is now on edge as its leader, former PM Evangelos Venizeloz seeks to quell a "rebellion" ahead of next week's vote which will hardly make the government any more popular in the eyes of the general population. From Kathimerini: "PASOK has plunged into turmoil as one MP and a prominent official quit the party following a fractious vote on the government’s privatization bill on Wednesday. The draft law paving the way for the sell-off of a number of utilities and ports passed narrowly and the failure of 17 PASOK MPs to support the legislation led to party leader Evangelos Venizelos, who failed to take part in the vote himself, calling an urgent meeting with his 33 lawmakers on Wednesday evening." Why is this relevant? Because two days ago, as reported, the third member of the ruling coalition: the Democratic Left, which mans 16 votes, announced it would vote against the Troika demands. This leaves the coalition with 160 votes on a matter in which it needs a majority. Should Pasok's 17 votes also be in danger of pulling out (assuming nobody from New Democracy votes no), then one can see why Greece may once again hold the fate of the Eurozone in its hands just as the US is voting for its next president and hardly needs more European drama.


Journalists were barred from the talks but the angry exchanges between party members spilled out into the street.


“Today in Parliament, we were like a lost herd,” said Cretan MP Nikos Sifounakis. “If we continue like this, the measures won’t pass. The government and PASOK will collapse.”


Following the meeting, MP Michalis Kassis said he was quitting the party but remaining in Parliament as an independent MP. He said Venizelos left him with no choice as he told deputies that whoever fails to vote for the upcoming fiscal and structural measures would be ejected from the party.


Kassis accused some of his colleagues of only supporting Prime Minister Antonis Samaras and the coalition government because they want to become ministers.


He also told journalists that several more PASOK MPs intend to vote against the austerity package in Parliament. The vote is likely to take place next week. The three-party government had 177 out of 300 seats after already losing one MP from New Democracy and another from Democratic Left, which insists it will not support the latest package unless the troika backs down over labor reforms. It now has 176 seats.


Former Agriculture Minister and once a candidate for the PASOK leadership, Kostas Skandalidis reportedly clashed with Venizelos over his handling of the party and refused afterwards to dismiss suggestions that there might be a challenge mounted against the party president.


On Thursday, former minister and PASOK secretary Mariliza Xenogiannakopoulou announced she was quitting the party.

Of course, we wish we could say vocal discontent ahead of a critical vote seeking to preserve democracy is something new in Greece, especially with everyone promptly following just as Merkel demands, but we can't. And also, why worry: after all didn't Bernanke say he can get any lawmaker to vote in a way that is compliant with the demands of the status quo after just 15 minutes alone with them?

Or was that ending hyperinflation? These days everything just blurs into one.

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lolmao500's picture

Come on Greek people!! Rebel and do another election and kick all those pro-Euro traitors out!

Mr Lennon Hendrix's picture

Because as we are about to see in America elections make all the difference.

Stock Tips Investment's picture

Greece is in deep trouble. Your debt is unpayable. Its deficit can not be financed. It has the ability to implement monetary policy. Its economy can not crcer. The population is not convinced austerity policies. This is a very dangerous cocktail. A Greece is going to go far wrong if you stay within the Euro zone. But I will also go very wrong if he strays from Euro.Se requires a political agreement very solid, great leadership and a social pact to redress imbalances with a high social cost. Be able to do?

Ghordius's picture

"do another election" probably yes, a snap election is in the cards and yes, perhaps it will change something

"kick all those pro-Euro traitors out!" This is a tad more complicated. If with "pro-Euro traitors" you mean the population wishing to keep the EUR and so Greece in the eurozone, they are still in the range between 60% and 70%.

fightthepower's picture

Golden Dawn will save them. 

Ghordius's picture

I have met a few Golden Dawn sympathizers and I have no illusions about them. I was raised in a fascist household, it's not so that I have a revulsion against them. In fact, I understand very well what drives them, many of them have their hearts at the right spot and so on. Nevertheless I don't think even one moment that they can be the solution to anything, IMHO they are one of the many problems.

slaughterer's picture

pull the plug, slice the pie

LongSoupLine's picture

Greece?!...what the fuck is that?


There's water in NYC...water!  I see a boat in someone's yard!!

These are the ADD issues people!  Stay distracted!

Everyman's picture

"Quell Rebellion"

That means the gov't, troika, EU are ALL out of step with "the people">  They had better watch out, maybe the masses will ""quell the stupidity and ignorance" of the politicos.

CPL's picture

Strike a match in a swimming pool of gas at your own risk.

Quinvarius's picture

I can't believe those pussy politicians are going along with the bankers demands and not just defaulting to save their country and their people.  Selling off national assets to bankers who just print worthless paper to buy them?  WTF?  This is like some alien invasion movie where it turns out the politicians have all been replaced by pod people.  It is just fkn paper you are trading for your country!

Greeks.  You have my permission to being taking extra political actions.  You can stay at my house if you need a place to hide.

Abitdodgie's picture

Quinvarius , That would be aiding terrorists , I am proud of you.

Quinvarius's picture

I'd do the same for Thomas Jefferson any day.

john39's picture

>>>This is like some alien invasion movie

pretty close to the truth i think... world wide.

mkix's picture

Quinvarius, That's the smartest thing I've heard about this in a while. The more I read about the situation in Greece the more I sence this eerie parallel to the call of the weimar republic. Instead of occupying regions/seizing industries, the EU is simply purchasing them will sh#t money and sh#t deals. It's gotta stop somewhere.

condoraki's picture

"This is like some alien invasion movie where it turns out the politicians have all been replaced by pod people".

As time will show, this will become the most prophetic sentence in the history of Zero Hedge.

Abitdodgie's picture

Another story about doing nothing , untill the people go armed to a demonstration NOTHING will change.

miltiadis's picture

unfortunatelly i agree with you

Renewable Life's picture

That's Next!!!!

Golden Dawn will start the show, then the Union Boys will follow and pretty soon those riot police will be shitting in their pants!

A couple hundred dead cops and citizens laying in street, and the bankers will call in the military, and the democracy charade will be over quick, "in the name of stability"!

lolmao500's picture

Sadly, it have big chances of happening... the banksters are gonna win that way or the other way (buy everything with printed worthless paper).

What needs to happen is the Greek military overthrowing those SOBs, arrest the banksters and the troika scum, get Greece out of the euro and then declare new elections.

Renewable Life's picture

That would be the ONLY option that considered the Greek people and their sovereignty in the equation!!!! Otherwise, it's banksters win every time!!!

youngman's picture

This items they are trying to sell are Union stronholds losing millions a think a new buyer can just come and and change it around is a joke...the unions will sabotage everthing and destroy it before the new owners can figure out what they potential investors should look at it as a scorched earth purchase...which will not bring much to the Greek coffers...

Renewable Life's picture

There is going to be a giant ass explosion in Europe after this American election!!!!!! Timmy G and The Bernank have them sooooooo backed up trying to keep their guy in the WH, it's ridiculious!!!

The whole joint might burst into flames Nov 7th!!!

THX 1178's picture

For the past 1-4 years... this has been about putting "it" off until AFTER the election. I wonder what's next.

Mr Lennon Hendrix's picture

Greece gives me serious deja vu.

Pretorian's picture

they did this for 5 times in the last 2 years .They are going at the end to swallow this shit again.

lolmao500's picture

At least Greece can change their course with America, not so much.

Dareconomics's picture

There are two ways to look at this latest tempest in Greek politics. Either PASOK knows that it has leverage and is attempting to wring additional political concessions from Samaras' New Democracy like cabinet ministries, or the party popularity has dwindled so low that deputies are defecting to preserve their jobs.

condoraki's picture

I assure you it is not the former.


Blazed's picture

Meanwhile, this hideous old creature named Soros wants to expand on the work of his fellow tribe member, Barbara Spectre(Babs), and continue to flood Greece and Europe with third world illegals. Nah, must simply be a coincidence, no possible agenda going on there with those two related characters.

I know, why don't Soros stop jet setting around the US and Europe and plop down in his "homeland" of Israel, and he can import all the illegals he wants there. Oh yeah, I forgot, in Israel they round up 10's of thousands of illegals and deport them, because they don't want diverse group miscegenation so as to protect their genetic heritage and culture.

Babs spills the beans.

Ghordius's picture

interesting article, I note there "Determined to bring down the Euro..." and "...has made a fortune out of betting on the fall of the Greek economy".

Though if Greece exits the eurozone consensus seems to be that the EUR would shoot up like a rocket, so this would mean that he is not interested in a Grexit?

Anyway please just note how much "globalist" Soros hates the EUR and the EU.

alfa's picture
  • sank in the dark Mkt recording losses -5% to 761 units due to the dramatic decline of violent correction of banks fell to -16%. The volume on the ASE at 139.2 million and the turnover to 106.6 million euros. An exception was the reaction of the OJEC +0.24% but the big shock suffered by banks.
    The trap was activated earlier than that calculated hitting the market very long and painful for investors. To risk profile of political criteria and market conditions have dramatically increased due to weak and faltering government. Samaras and Stournaras warning that the measures will be adopted, not in labor persists KPS, while Venizelos denounces business dissolution of PASOK. The foundations of government grind, bringing the risk of bankruptcy of the country. At the same time, gaining the proposal for buyback of Greek debt with the IMF appear first positive ...
    Current levels in ASE is crucial as most at risk and 750 units. The positive scenario is completely undone. The window closed window optimism.
    The political risk and market risk has increased due to dissolution of the image of the government but it is not likely at this stage to collapse the coalition ....
    The political crisis in Greece is great and has changed the whole market sentiment. The wave of optimism has waned and replaced by strong concerns about the country's path. The risk of bankruptcy again in the spotlight as the second partner of the Samara government, PASOK, is on the verge of collapse.
    Foreigners have minimized their transactions and are net sellers.
    In the National 100 thousand Deutsche bank
    In Alpha, Eurobank, Piraeus and Cyprus no foreign transaction
    OTE Goldman Sachs 30 thousand shares, UBS 50 mm and 15 mm shares the Cheuvreux.
    The positive scenario, the window of optimism that had opened since early September ended and requires great attention from long investors.
    It turns out that the window opened to allow some investors to exit the market.
    Window was no escape and optimism window.
    The short and investors sell because they see thick clouds rising.
    The bond repurchase plan that seems the EU plans for Greece might be the final bulwark because of the political crisis that has erupted.
    But the key to the market is the way of disbursement of the next tranche if that is off (good scenario) or in a special account to which a hostage (worst case scenario).
    The negative effect on the market by creating special accounts will be very large.
    The government is in tatters and if it is unlikely to throw at this critical historical juncture, the Members who disagree.
    PASOK in solution and Samaras, the Greek prime minister is determined to give the great battle to be released while the dose on Monday convened an extraordinary meeting of the Parliamentary group.
    Yesterday's picture of the government majority showed relative weakness.
    The critical passage of bills by simple majority because of the opposition MPs did not vote or stated simply their presence proves that the government falters and needs to move forward to avoid a jam that can signal the collapse of the government, while the collapse of Greece.
    The ASE is at dangerous levels, the diagrammatic image of ASE has deteriorated and the disruption of 800 units this marks.
    The 790 points were the strategically market support.
    If the ASE does not react and break and 750 units will be highlighted in a way that will clear completely undone target of 1000 units and will close the window.

    The image of the government majority is related to tragic. The government cohesion falters, proving that there is a gap policy positions and demonstrating that ties trikommatikis government is not consistent.
    Passing bills with relative majority demonstrate that the Government is in threshold levels but does not appear at this stage willing to bring down the government.
    Venizelos president of PASOK MPs threaten to cancel if they do not vote the measures, the KPS will keep tough stance on labor, will vote on the budget and can be defiant and on the part of the Southwest indicate that the situation is fragile.
    The stock and bonds reacted immediately and violently negative, disruptive climate change effort undertaken in recent weeks.
    But the behavior of markets is minor.
    Back issues to the forefront as the government will complete its term?
    The risk of bankruptcy increases again while proving that the country has avoided collapse simply saves time in a difficult situation.
    The image of the ruling party is disappointing.
    Lack of common strategy, common goals returning to the fore the fundamental problem which is the default.
    Enthusiasm for the rescue of the country is almost zero, the expectation that there will be a political solution will save the country have also waned.
    The question is what will happen and how soon will the dose that will be the key to the next developments for the country?
    There is no doubt that without dose Greece will collapse so the chances of non-approval of the dose is zero.
    The adoption of measures even in this unacceptable manner but also the adoption of the budget will theoretically restore coherence to the Government.
    Plus the market, investors, society knows how fragile the balance of the government and the lack of cohesion is permanently the Achilles heel of the government formation.
    The vibration is so serious and not merely semantics if some resolutions or declarations presence without voting.
    The Troika will administer the dose, but the question is how will the grant? Lump-sum or through a specific account?
    If you are single words given the 31.5 billion euros without footnotes then this government's attempt to gain extra time will succeed.
    If enabled Special Account would be a political and economic hostage evolution is unfavorable.
    But even if the positive scenario of single tranche the government will not be able to remove the risk of bankruptcy.
    In any case, Greece would not have survived.
    There are strong reports that unless the dose is once you start a barrage of negative reports from foreign firms to exaggerate the risk of bankruptcy of the country.

So-Crates_Johnsen's picture

Sometimes I feel you guys need to shut up with the constant negativity. The market is damn near 5 year highs. Yes it's due to easing, yes it will come to an end, but had you followed this site and shorted since 09', you are BROKE.

No wonder ZH is free.

My ancient Greeks are ramming it up the shortz anus'!

Renewable Life's picture

Congrats, now sell everything today and start buying .762 x 39 and plenty of food, water, and fuel, because even you just admitted it "will end"!!!

But you won't, because we are the chosen ones, right? The breakdown only happens to those other people in those other places, every fucking day!! But us, no, where entitled to that $4 coffee and fucking six figure income forever right, cheap food and cheap fuel too I suppose!

The reset is coming brother, the math doesn't work anymore, and trust me, I make a shit load of money too, but the difference between me and you is...Im not dillussional enough to think its going to last forever, so I'm preparing and educating the people around me, as to how we are going to survive this shit! I suggest you do the same and get 3/4 of your assets out of the system soon, which includes the stock market, banks in digital currency, etc!!

You think that Sandy baby shock shit up, you wait until the Chinese, Russians, and the middle east decide they are done using the USD to trade commodities on this planet, and see what your world looks like the next day!! Bye bye $4 coffee!!

pods's picture

If that happens you will still have $4 coffee.

Just instead of a cup you will only be able to buy a bean.


Canucklehead's picture

You really should spend some time researching the Byzantine Empire and Medieval History.  There are many good sites out there but you may want to go to bittorrent and download some TTC classes on these subjects.

Cutting to the chase, what we are seeing here is a flashback to Byzantine/Ottoman/"pick a Medieval power" worldview.  The stresses and strains that you see being addressed with "7.62x39" will actually be addressed with 5.56, not that Russian orthodox stuff.  I suspect all of this will sort itself out as the world accepts democracy.  Remember Churchill's words about democracy:

"It has been said that democracy is the worst form of government except all the others that have been tried."

You may also want to read about Joseph Strayer


jubber's picture

10y Bonds up 2.5% on this if it means anything anymore

williambanzai7's picture

The notion of privatizing Greek utilities and ports in a bankster run auction is too humerous to fathom.

Banksters's picture

Step in line mother fuckers and vote the party line. Democracy101!

GCT's picture

This is all grandstanding and politicians making power plays.  I will believe the vote once it is executed.  Most likely the Greek politicians will sell their people out for that mighty "MP" tag in front of their names.  Behind closed doors they will be bribed or intimidated into casting that "YES" vote.

I do wish their leaders would not sell the Greeks down the river but alas true leaders in this time and age are a dying breed around te world.

CosmoJoe's picture

Wasn't PASOK supposed to come in and stick it to the EU?  Seriously, are there any government officials in Greece that could actually tell the EU where to stick it?

Let's look at the reality here.  The entire Troika nonsense is nothing more than window dressing.  The name of the game is keeping Greece in the EU to save face and instill confidence in the currency.  Knowing this, all of the news that comes out of Greece makes complete sense; the missed budgets, the completely blown deficit projections.  None of that matters because the outcome (Greece staying in the EU) is already known.  The only thing left is for the powers that be to craft some kind of bullshit song and dance to make it appear like there are actually rules or guidelines involved in this, in keeping Greece in the currency (lol).

The problem for the Greek people is the song and dance routine playing out, to give some sense of legitimacy to Greece staying in the EU, is going to continue to crush the economy into the ground.

pods's picture

Confessions of an Economic Hitman writ large.

Same old, same old.  Promise the moon and (create and) lend the paper to get there.  

Then it all comes crashing down and the vultures come in to pick over the carcass.  

Same as it ever was.  

Now they have to auction off their real property to pay off a conjured paper promise?  

And what will they get for their real property?  More paper promises.

Most evil and profitable scheme ever invented.  


Bam_Man's picture

They are all a bunch of cretins.

And of course that goes double for the Cretan MP.

toomanyfakeconservatives's picture

Some people see new Nazis emerging here. I see the same old Nazis emerging... financial ones.


I see a disturbing trend of counties that are former Nazi resisters getting screwed.

WTFx10's picture

Nazi's or Zionists the same thing except the Zionists do it by lying where the Nazis just did it. Of course it helps the Zionists when you control the currency. the Nazis had to get their funding from the Zionists thats why they lost as the Zionists were also funding the opposition.

Nuke the BIS watch all the Zionists run around like chickens with their heads cutoff. Destroy their banks and they become nothing but poor ex owners. Confiscate their gold that was purchased with the paper they created. Is it right? Is what they do right? Nations can go back to printing their own currency they do not need loan sharks skimming off the top.

"And remember, where you have a concentration of power in a few hands, all too frequently men with the mentality of gangsters get control. History has proven that."
"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks." John Dalberg Lord Acton

    “Whoever controls the volume of money in our country is absolute master of all industry and commerce…and when you realize that the entire system is very easily controlled, one way or another, by few powerful men at the top, you will not have to be told how periods of inflation and depression originate.” – President James Garfield, 2 weeks before his assassination.

Our culture has been trained to look down at those poorer than ourselves and scrutinize them more closely for such infractions on the slave work ethic. That way we aren't looking higher up the ladder to see who is defecating on us. It's a nice trick that works well for the owners and their minions.

    “Truth hurts. Maybe not as much as jumping on a bicycle with a seat missing, but it hurts.”

                                      -Naked Gun


toomanyfakeconservatives's picture

Sounds like a plan. The BRICs are about to drop the hammer on the BIS and then it's game over for the money changers.

Joebloinvestor's picture

Greece vacillates between everything is hunky dory to everything is fucked.

Those are the political stances!

Greece is going to drag out this perpetual LIMBO until the plug is pulled.

Whether that be outright chaos or a quitting or booting from the EU.

The thing that concerns the rest of the EU is the fear of the unknown repercussions.

All of which are BAD.

The longer they put it off, the worse it will be.


Dre4dwolf's picture

A new election doesn't mean anything if the same banks still exist, the only way to make any-change is to have a banker regime change, and no matter what any person given the power to print money will always abuse it and become corrupt.


We need Sky-Net to save the world and take over money printing.