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Greece On The Edge After Second Failed Presidential Vote
A week after the Greek Prime Minister, Antonis Samaras, was unable to push through his nominee for president, Stavros Dimas, in a vote in parliament that needed 200 votes to pass, hours ago the second presidential vote took place and just like last week it again failed to secured the needed 200 votes, with just 168 lawmakers voting for the designated appointee. This means that in the third and final voting round next week, on December 29 - a trading day where bad news will propagate like wildfire in the absence of any market liquidity and means Kevin Henry will have to work overtime buying ETFs - New Democracy's Samaras has to find (or bribe) another 12 votes or else Greece is facing a snap election where the anti-bailout/anti-austerity leftist Syriza party is expected to win, and set off a chain of events that may result in Greece being kicked out of the Eurozone at least if the jitters seen during the summer of 2012 are any indication.
Then again, judging by the absolute non-reaction by the market, it seems that not an algo cares any longer if Greece is or isn't part of the Eurozone, and/or if peripheral European bond yields trade with the implied ECB monetization premium or are allowed to trade at fair value, well into double-digit yield territory.
In the meantime, the PM is starting to sweat:"I hope in the final vote for president we will avert a national catastrophe," Greek PM Antonis Samaras told reporters in Athens today after the failed second round vote. By "national catastrophe" he, of course, means allowing the majority to express its opinion.
Here is what Bank of America had to say via Bloomberg:
- Unless Greek Prime Minister Samaras comes up with a new initiative, early election is increasingly becoming the most likely scenario for Greece, Athanasios Vamvakidis, BofAML’s head of G-10 FX strategy, says in e-mailed comments.
- Greek prime minister Samaras could improve his chances at 3rd round of election on Dec. 29 by changing candidate
- Today’s outcome of 2nd round of vote as expected
- Estimated range for 3rd final round of Greek election at 168-172 unless Samaras persuades independent parliamentarians and small parties to vote for his candidate
- Early elections are likely to take place by late Jan. or early Feb.; this shouldn’t be a big surprise for investors
- Markets are likely to react positively to any poll released in any pre-election period showing that the difference between the main parties continues shrinking
Further details from Reuters:
Greek Prime Minister Antonis Samaras failed to capture the support needed to elect a new president in a second round of voting on Tuesday and now needs another 12 votes in the final round next week to avert a snap general election. Samaras' nominee, Stavros Dimas, the only candidate in the race, had not been expected to win the second round and the score of 168 votes was broadly in line with expectations.
But it leaves the result of the decisive third round on Dec. 29, when Samaras needs 180 votes, finely balanced.
There were 131 blank votes on Tuesday, which count against the candidate, and one absentee. Parliament must elect a president or a general election would have to be held by early February, potentially bringing in the leftwing Syriza party which wants to renegotiate Greece's international bailout and roll back the austerity policies of recent years.
The second round vote followed an offer by Samaras at the weekend to bring pro-European independents into his government and hold early elections late next year if Dimas is elected. Greek stocks trimmed losses in the minutes following the result, with the main Athens index trading 2.1 percent lower by 1052 GMT.
Samaras must now concentrate on winning over independents and rebels from the smaller parties.
Maybe Jean-Claude Juncker can add a "bribe" carve out sub-fund in his infrastructure "fund" CDO-squared?
Both the Democratic Left, which left the ruling coalition last year and Independent Greeks, a right-wing anti-bailout party, have said they would not vote for Dimas.
But it is unclear how much discipline they can impose on their members and a furious round of lobbying and telephone calls is likely over Christmas. Two Democratic Left lawmakers announced they were leaving the party to sit as independents just minutes before the vote.
By lobbying, Reuters of course means bribery.
Ironically, even a worse case scenario, with Dimas not getting the third round vote may not be the end of the Eurozone: all Brussels would have to do is fund an offshore Antonis Samaras bank account with a "necessary and sufficient" number, and lo and behold, all of Greece's anti-bailout demands will evaporate into thin air:
Syriza still leads in the opinion polls but its advantage has narrowed over recent weeks and a survey at the weekend gave it a lead of 3.4 points. The party has sounded a more moderate note lately, seeking to reassure Europe that it would be a responsible negotiating partner and would keep Greece in the euro.
But a victory would signal a major shift in the politics of the euro zone, for the first time bringing in a government openly opposed to the Brussels consensus which has governed the bloc's response to the wider crisis.
It would also mean that European GDP numbers will now be adjusted to include "Eurozone cohesion fees paid to ruling politicians" as part of the addbacks to make sure that nobody has any idea that all of Europe is now in a triple-dip recession.
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Grexit 2.0 or just more theater? BTW has anyone else noticed funky internet connectivity a la North Korea?
funny you say it. Less than a month agoa, CNN had this women who taught in North Korea for about two years. She said smiling at the best school in the country students graduating in computers did not know what the internet was I guess accomplishing this crush is not as difficult.
On the internet connectivity, I thought was just me ... I got these videos playing from "taboola" and blamed it on those, but is almost impossible to check on articles let alone to write anything/
CNN had this women who taught in North Korea for about two years.
Thanks for reporting that....CNN is almost as closed off as NK.
The only time I see CNN is walking through the airport.
i was traveling overseas with limited english channels. however, my point was elsewhere
Avoid airports and you're gold
Greek MPs are cheap these days, buying 12 more or so will be no problem. Expect a 182 "yes" vote next week and some more cash on Suiss bank acounts after that.
Don't forget the free world cruise, you're booked.
So, you guys think there is no script? just free markets ... well, will see. I doubt it.
Whoa!
Greece may get kicked out of the Eurozone!
What's not to love about getting kicked out of prison??
Yes, the Euro is a prison but what will they replace it with? The country is small, it produces very little and simply cannot stand on its own. The resources are not there, the organization is not there, the legal infrastructure is in shambles. Nothing is in place.
The Greek people are caught in a dilemma. On one hand they hate the Euro policies which have decimated the country, yet on the other hand a majority still want the Euro. As time passes and they realize there is no gravy train, I believe fewer and fewer people will continue to want the Euro but a not insignificant percentage will continue to support it. Why? Well because they know that without it they are in deep shit. To add to that, Squidman can always stir things up with Turkey as far as incursions etc. Greece simply cannot go it alone no matter how popular these fantasies are around here.
Even America, with $18T of debt, is standing because Squidman wants it to and the reserve staus of the $. Isn't that what they do anyway? They keep the debt levels up and pull the plug when they decide.
they will pass through , greek domino to collapse ? hmmm ...no way, they will push to avoid it, move along.
It is about time Greece got away from their current bankster masters. Rot in hell squid.
Scotland? No dice. Catalonia? Sorry. Greece? Somehow, I doubt the EU would let them go.
Diebold holding on line one.
We weren't born together, but we sure are meant to die together, Eurosceptics or independence movements be damned. We've already accumulated far too much debt, correction, invested far too many funds in this construct to backtrack now.
That's your broadband, you pay twice, once to hook up, and once to harrase.
It may not be the NKs. Solar flares and the resultant magnetic storms have been producing making wireless connections go wonky since the 21st.
Greece on the edge......might be, but accdording to Mr Market all is ok
its the boy who cried wolf syndrome. the "market" now simply ignores greece because we've seen this play out the same everytime over the last 5+ years. no change is coming and greece will get more german money to give to douchebank to pretend they are still both solvent.
Just remember. A wolf did eventually show up.
"judging by the absolute non-reaction by the market, it seems that not an algo cares any longer"
That is until someone decideds it is time for the next crop ... and it needs an excuse. News is what someone decides .... otherwise PMs, oil or whatever will be fixed at what someone decides
How many nonoseconds from now until the 29th?
All negative scenarios are already priced in, so only positive surprises are possible.
BULLISH!!
What's at stake:
http://failedevolution.blogspot.gr/2014/12/breaking-samaras-fail-to-gath...
Greek Yuan or Greek Ruble??
Greek tragedy.
"Greek tragedy" - the new Greek currency. Overheard in a restaurant:
"How many Greek Tragedies does that moussaka cost?"
Drachma
Not before a haircut.
The EU will never make a drachma out of a crisis.
always a crisis never a cure how is that going for ya.
OT: Check this out..Pratt and Whitney are "furloughing full time workers."
http://www.nbcconnecticut.com/news/local/Pratt--Whitney-to-Implement-Fur...
Now if you look at the article what Pratt and Whitney is doing is taking away paid holidays by furloughing their workers during that time. I saw this article posted on dailyjobcuts.com and found it interesting to say the least. Sleazy is a word I would use to describe it as well.
I would have waited to post this on today's news, but I have to go to work..
Note that is non-union workers. Defense companies are a combo of union workers and slezy MIC majority shareholders who push endless war and have a lot more power than you think. Oh and the union workers will check to make sure you vote Democrat.
If they find out that you don't - they push you out. I know someone who had that happen to them. I told this person to be very cool. They were but they still found out that they were not a huge Obama supporter. They gave them no work, provided no help and got them fired.
Europe privately is threatening Greece with allowing Turkey to make a territorial incursion unless it sticks to their austerity program and decisions.
The news is that a certain banker has attempted to bribe opposition politicians to vote for the government's choice of president. The banker has come out saying that he attempted to bribe the opposition politician in order to prove that he was corrupt.
Now if anyone can make sense of that.....LOL.
So What! Newsflow doesn't make a difference, the algos are instructed to keep pumping the market higher until the public buys in and the transfer is complete.
Don't get left behind now :-0
LOL, it;s almost sure Tsipiras will becme the next Greek leader & the Turkish Stream will pass through Greece to SErbia.
For more laughs, you can read this,
http://asiatikistic.blogspot.com/2014/12/homestretch-checkmark-and-other...
Greece should throw their lot with Russia. They are both Orthodox Christians while the EUSSR/USSSA are marxists/satanists.
Third vote will be held in Brussels.
In-fucking-deed.
They have been "on edge" since fucking Aristotle....
Greece should simply annex themselves to Germany...learn German....goose step....what the fuck ever.
We Germans don´t goose step these days anymore. Pitty.
And what the hell are you talking about. WE don´t want Greece. It´s a nice country but too many Greeks.
Why not.
You're already renting them...
For a few more Euros you can own them outright.
The EU and USSA are Germany's bigger problem. Sadly, loads of Germans love putting those stupid EU flags on their cars like idiots.
Nigel Farage - "We Don't Want That Flag!"
https://www.youtube.com/watch?v=bN0UaCbFyF0
"Old Baroso looks like he has seen a ghost."
This is what Germans and Europeans should be rallying around. The EU and Euro plus the Atlanticists/NWO are cancer.
Farage and the like are British Nationalists and Anglo-American imperialists. And you really suggest we Germans rally around them? UKIP is good for just one thing, suggesting the UK should leave the EU and by that reducing Anglo-American influence within the EU.
Be that as it may, he still makes more sense when speaks as compared to Baroso and the other scum.
Just offer them all free 'camp'ing
You'd be better off if you did some goose-stepping and telling the parasites living off you to go f*ck themselves.
Germany needs a Day of Rage! http://irishsavant.blogspot.ie/2011/04/time-for-german-day-of-rage.html
Germany should learn to be a sovereign nation first by asking for its gold back from the USA and by ceasing further payments and support to the state of Israel.
Greece has been in crisis since its days of glory and yet it somehow manages to pull through.
Oh, and in case I forget, how many wars has Germany won since 1914?
We were beating Russia in 1918, Poland in 1939, France in 1940 and a few others after that. The Anglo-American empire had to send almost the rest of the world to beat us few 80 million Germans in the end. What is your point exactly?
You lost !!
You win a war, you lose a war. We won the last major war, the cold war. If we play this clever enough we will win the current war too.
I like to see a German with some pride. Unfortunately, Germay is still occupied by the US, and WILL do the bidding of the IMF/World Bank/Rothschilds/ZATO until they, as a culture, wake up and give them the boot. If that ever happens, I might have to immigrate.
you were not 80 million at the time...
In those two wars Germany - a mid-sized country - had Britain, France, Australia, NZ, South Africa, India, Russia/USSR, USA, Canada, Belgium, Holland, Denmark plus many others against them. Their military accomplishments were absolutely astounding.
I'll believe it when I see it.
YOHEI ISHIKAWA, Nikkei staff writer
MOSCOW -- Apparently desperate to lay the blame for its economic crisis somewhere, Russian conservatives and Kremlin insiders are increasingly accusing the U.S. of conspiring to drive down its currency.
They assert that Washington wants regime change in Russia as the rift between the two powerful nations over the conflict in Ukraine widens.
The currency attack is aimed at overturning the regime, Sergei Markov, a leading political scientist close to the government of President Vladimir Putin, argued on Facebook last week, claiming that Washington is manipulating the ruble.
Mikhail Fradkov, the head of the Foreign Intelligence Service, asserted in an interview with Bloomberg News that Washington was partly responsible for the plunge in crude oil prices. Oil underpins the Russian economy.
Foreign Minister Sergey Lavrov is also chiming in. Responding to a question by French media if he thinks the U.S. seeks a change of power in Russia by causing instability, he said yes and has very material grounds for thinking that way. Putin himself said in November that politics always play some role in the price of crude oil.
In an opinion piece published in July, Dmitri Trenin, a renowned foreign affairs expert, said: "The Kremlin sees the U.S. goal as toppling the Putin regime by means of economic pain and popular discontent wrought by sanctions."
Support for Putin remains high at 85%, according to the Russian Public Opinion Research Center. But some say the public will grow unhappy due to the economic downturn. The Bank of Russia, the central bank, predicted last week that if crude oil averages $60 a barrel in 2015, the country's economy would shrink 4% or so next year.
What does this have to do with Greece? Dont you have anything better to do than troll a comments section? (If it helps, Ruble has gone semi back up).
greece can you feed your children? clothe them? warm them? protect them from evil? allow them liberty?
governments come and go, unfortunately not quickly enough for most of us.
So far, the biggest problem when govt.'s go is that they take a lot of citizens along with them.
Greek parliament fails to back PM’s presidential candidate in second vote
http://investmentwatchblog.com/greek-parliament-fails-to-back-pms-presidential-candidate-in-second-vote/
Get a move on Greece, fuck the Troika.
well lets just say this, canabialism in greece is probably going unreported!
Whatever the Greeks do, the EU will make sure it doesn't work for them. Or else the other PIIGS will follow
Just like the USSA and the Iraqi Army. The EU wants slave states insouthern Europe and any country near Russia (eastern Europeand and Baltic countries).
South Streams would have been a major plus for poor Bulgaria.
And the prosecutor decided to drop the bribery case...http://www.keeptalkinggreece.com/2014/12/22/prosecutor-shelves-the-case-...
That's how absolutely corrupt they have become. Then again they are just now prosecuting the previous finance minister for not acting and also tampering with the so called Lagarde list of tax evaders.
It is a whole system that is corrupt. Everything is rigged. That is what you get when you don''t clean up the system every once in a while.
Lol,
Exposing bribery in Greece is a crime.
Greece is just the canary in the coal mine... the whole of Europe is in a deflationary spiral, not just Greece.
http://www.globaldeflationnews.com/as-early-as-2011-ewis-analysis-warned...
Oh, I hope Greece DOES leave the EU...they should ditch the damned Euro too and go back to their own currency. Then they can adjust it as needed instead of being forced to adjust to a currency more suited to a German economy.
Greece will NEVER be "competitive' in the sense that the EU wants. They simply can't compete with the more industrialized economies, nor SHOULD they! They are GREECE, not Germany. Their economy will always be small potatoes compared to the big guys, but so what? They're GREECE...
A laid-back touristy-economy is not a bad thing. Not everyone has to be firing on all cylinders 24/7 you know...Even the hard-working Germans need some down-time every now and again...that's why you have places like Greece. And places like that just don't NEED a 'strong currency', in fact, too strong a currency harms them, as they just don't have the ability to ramp their own economies up to that speed without impoverishing their people in the process.
Even in boxing, a sport where the participants take regular blows to the head, it is understood that you don't throw 2 different weight classes into the same ring. Yes...even people with varying degrees of brain-injury know this...so why are EU leaders so fucking clueless?
"They simply can't compete with the more industrialized economies, nor SHOULD they! They are GREECE, not Germany. "
Yes, but the problem is that they want the German standard of living.
A country may want whatever it chooses, it doesn't mean sensible persons ought to give it to them.
But the lenders saw profits, and didn't care if repayment was realistic, even POSSIBLE.
It's not like the Greeks were rolling across borders demanding more Mercedes be shipped to them or else. Did they want them? Well, sure, who wouldn't? Especially if you're offering to front the money...
Who is the greater fool? The one who takes on more debt than he can afford? Or the one who loans him all that money?
Not one mention of Golden Dawn xaameriki.pressword.com
Greece has been on the edge for about 2500 years give or take a few so this is just normal relaxing time around the holidays...
Funny anti bailout and anti austerity and leftist, funny how the left doesn't know where the money comes from, funny how they don't associate the fire hose of public spending that they demand with assets of savers, funny how they don't know how the end of bailouts terminates their govt job.
I'm sympathetic to individual Greeks but they brought all of this on themselves. Everyone and everything can be bought, politicians bought votes by having the Government hire literally hundreds of thousands of useless cyphers, everybody dodges tax including the 'technocrats' charged with collecting it, and they've lied about their budgets deficits for years as they spent money like it was going out of fashion.
Greece cannot be fixed with Democracy, you cannot vote your way out of Socialism, you have to kill your way to freedom.
To quote Victoria Nuland, US Assistant Secretary of State for European and Eurasian Affairs, "Fuck the EU." Get out as soon as you can Greece, and fuck you too Miss Vicki.
ANY vote in Greece is rigged. No matter, if presidential, if local, if what so ever vote.
Loan sharks conned Greece and are now asset stripping it. The only way out for Greece is to elect people who can't be bribed and *default*.