This page has been archived and commenting is disabled.
Another Black Swan? Syriza Outcasts Form New Political Party, Will Push For Grexit
Once upon a time, Panagiotis Lafazanis had a plan to save Greece.
On July 14, just two days after Prime Minister Alexis Tsipras sold out the Greek referendum "no" vote by agreeing to a shockingly punitive bailout deal in Brussels, Lafazanis convened a meeting of Syriza party "rebels" at a hotel in Athens. There, he allegedly attempted to convince his fellow lawmakers to storm the Greek mint, seize the country’s reserves, and arrest central bank governor Yannis Stournaras. "Obviously, it was a moment of high tension,"one activist who attended the secret meeting later told FT.
Yes, "obviously." Equally obvious once news of the meeting leaked was that Lafazanis would not be Energy Minister for much longer and sure enough, he was sacked by Tsipras as the premier sought to pave the way for a series of votes in parliament on bailout prior actions.
Earlier this month, as rumors started to circulate that Tsipras might not have the support to survive a confidence vote, Lafazanis announced he was forming his own political party, which was funny right up until Thursday when Tsipras resigned, setting off a series of events that will see Greeks head back to the polls in September. Now, Lafazanis has seized the opportunity to convince 28 other Greek lawmakers to join him and his new party which will be called "Popular Unity," an ironic choice, given that it grew out of the desire to split with a party leader who had become decisively unpopular among Syriza’s Left Platform.
Popular Unity head Lafazanis says new party supports orderly #Grexit and does not accept #Greece being blackmailed by Merkel & Schäuble.
— Yannis Koutsomitis (@YanniKouts) August 21, 2015
Here’s more from Bloomberg:
A group of Greek lawmakers opposed to the country’s bailout program abandoned the governing party, Syriza, as Prime Minister Alexis Tsipras moved to force an early election to shore up his position.
The lawmakers, whose names were read out on Friday by a deputy parliament speaker on television from Athens, will be called “Popular Unity” and led by former Energy Minister Panagiotis Lafazanis. The number of rebels reached 29 after four more parliamentarians joined the initial breakaway group, Athens News Agency reported.
Though his eight months at the helm of Europe’s most-indebted country were beset by turmoil and brought the economy to the brink of ruin, Tsipras used a televised address on Thursday to list his achievements, from clinching a new aid package to securing a firmer commitment from euro-area partners to consider debt relief.
Tsipras remains popular with Greek voters, who gave Syriza 33.6 percent support, a 15.8 percentage-point lead over the main opposition New Democracy party, in a July 25 poll by Metron Analysis. Polls haven’t yet offered an indication of how much support Popular Unity would siphon off.
By all accounts, Tsipras will likely be able to carry the day in new elections and indeed that's certainly the expectation among EU creditors and within the macro strategist echo chamber. Here's a summary of the latter courtesy of Bloomberg:
Greek PM Tsipras calling an early election could consolidate his position and is unlikely to throw the country’s third bailout off course, analysts say.
- Yet, the vote could delay the first review of the program, originally expected to take place in Oct., and a potential eventual debt relief plan, analysts at RBS and JPMorgan say; this could mean GGBs don’t become eligible for ECB QE until much later in 2015 than had been expected, according to analysts at ABN Amro and RBS
- While the ballot could spur further market volatility, Rabobank analysts suggest any weakness in periphery govt bonds is a buying opportunity
- NOTE: Syriza lawmakers opposed to the bailout will form a new party called “Popular Unity,” led by former Energy Minister Panagiotis Lafazanis, the group said in an e-mailed statement
- RBS (Clement Mary-Dauphin, Marco Brancolini)
- With Syriza maintaining a commanding lead in polls, the election may deliver a more stable parliament but the vote is a source of volatility
- No longer expect ECB to reinstate the waiver for Greek sovereign collateral and don’t expect GGBs to be included in asset purchase plan until the completion of the first program review
- Skeptical that first review of Greek program will be completed in October as scheduled
- Allows a postponement of debt relief talk beyond the horizon of elections in other periphery countries – where the topic could become controversial during electoral campaigns
- Take profit on long GGB Apr. 19 trade in research portfolio, after it reached its target
- JPMorgan (Malcolm Barr)
- Most recent polling showed Syriza comfortably in lead although probably without enough support to form majority on its own
- Difficult to imagine scenarios which return a government more hostile to third program than one already in place
- There’s a risk that the election slows program implementation, delaying process of getting to a debt restructuring and the IMF committing funds to the bailout
- With an interim government likely to be in place for only a month by the time the first program review is due in Oct, it’s difficult to imagine there’ll be substantive progress in many areas by then
- Barclays (Francois Cabau, Antonio Garcia Pascual, Cagdas Aksu)
- Latest Greek polls continue to show strong support for Syriza; this should probably be interpreted with caution given party rift
- A poll published on July 14 said that if a new govt were to be formed, 68% of voters would favor Tsipras as its leader
- Neutral on peripheral govt bonds outright and on a spread basis vs Germany; maintain a short-term tactical outperformance of 10Y Spain vs Italy
- RBC
- Elections will inevitably inject an added element of uncertainty; stress the current situation should not be seen as analogous to earlier referendum on the bailout, even though electoral campaign will intensify debate
- Under Greek political procedures, largest opposition parties have up to three days to attempt to form a coalition, don’t expect this to prevent elections
- In meantime, a caretaker govt should be put in place, reducing risks to the program
- Any future reviews and disbursements under the ESM support package will hinge critically on political uncertainty being resolved
- DZ Bank (Rene Albrecht)
- Expect Tsipras to emerge victorious again and a more stable government to follow
- Given the increasing political event risks surrounding
* * *
Needless to say, if Greek voters should suddenly decide that after having been burned by Tsipras twice (once in January and then again last month), it's time to vote for someone who seems crazy enough to actually follow through on the whole anti-austerity, middle finger to the troika platform that got Syriza elected in the first place, then the entire bailout deal will not only be thrown into question, but abandoned wholesale because if the eurocrats in Brussels thought Varoufakis and Tsipras were hard to deal with, they'll find Lafazanis downright intolerable.
So with the entire world basically convinced that despite having lied to the entire country not once, but twice, Tsipras still has the voter support to remain in power, one has to ask: is this the face of the next black swan?

- 19728 reads
- Printer-friendly version
- Send to friend
- advertisements -


SO where is Yanis V in all this ?
Varoufakis said it'll be part of neither.
He's a guy from the establishment, was pro-EU and Euro.
Leading up to this snap election, "Popular Unity Party" will lead the way in.......
members falling off tall buildings and nail gun suicides.
We really mean it this time, guys.
LOL.
New political party = new steam release valve.
There is no democracy in Greece. Does anyone understand this clearly?
Let's hope that we don't have to wait that long for the next black swan, I was hoping the system would crash this weekend, or Monday.
All they need is enough seats to screw the system up. Now we get to find out how pissed the people REALLY are.....
Varoufakis will wait it out for a year or so.
Wants all the dust to settle first
If the election is held on September 13th(Shemitah final day)this will certainly be a black swan event.
Rinse and repeat, rinse and repeat. Come on Greece! Default already!
http://schiffblog.blogspot.ca/
Varofuckup will be back at his cushy teaching job bragging to the under grads how he stuck it to the man.
Out of Syriza. He just stated he won't join.
Syriza 2.0. This time we're serious. Brohonestly.
Fool me once, shame on you. Fool me twice... can't get fooled again.
Everyone has a plan until they get hit in the face with an empty ATM machine
-Mike Tysonakis
https://youtu.be/q_wQqNIUBu8?t=97
That was awesome.
If I have to read one line humour, let it be like this!
logged in just to +1 this epic comment
Likewise!
He can piss and moan all he wants about saving Greece with this "new" party.
But his asshole is the size of a cue ball.
You have already been fucked man, get over it.
pods
Nothing stopping them from nationalizing the assets sold off and to put a cherry on top of it arresting, prosecuting and jailing politicians that are responsible.
The whip cream would be issuing arrest warrants for EU officials that were part of the deal.....and of course all the bankers involved.
Nationalizing of assets has been done many times before. It will certainly happen again.
Golden Dawn
More like Golden Shower. FIFY
Indeed. It would be Greece taking a leak on the ECB and its partners.
When is it rebellious to vote to take back your country? This is fucking ridiculous. If you want to exit the Euro - take a fucking vote amd get out. Take your beating like a man and stick to your objectives. Why the fuck is this considered a "rebellion"?
and then the unelected leaders of europe (in brussels) will threaten death to their families and they will cave like tsipras.
Another politician looking to get paid off.
That is the same poor excuse people try to make for Ron Paul and his inaction and refusal to point out the real problems.
Tsipras was always their man and followed the banker/zionist orders.
Ron Paul now pimps for a banking/investment company. It's just that simple.
At least the path to Germany is now so well trodden the Greeks will not have to worry about navigation if they have had enough of austerity and want to become refugees.
Varoufakis already got his sweet pension...a big account in Swizerland I bet..
I would tend to agree...
http://www.denk-bubbles.com/greece/
Greece got chewed and screwed, then again we got Obama. Hope and Change turned out to be a big fuck'en lie as well.
11 million people are supposed to eventually pay off 400 billion. DERP theater of the absurd.
Cant have any bonds be liquidated.
How is this debt financed? Bonds
Who holds the bonds? Banks
4% redeemtion and your are broke.
Its the same problem the whole world has. What you want to cash out of a bond? KILL HIM.
IN 2008 world debt was about 157Trillion. Its now about 250 Trillion.
Whats the point of dragging the entire world through yet another decade of misery. Its impossible to pay this
The only choice the world now has is to have a new monetary system. The central bankers have done destroyed this one.
We only wait for central bankers to admit to themselves that you cannot grow and inflate your way out of this. You have epic failed humanity. Its over, get over it and move on and reset this pig.
The World Financial System is Mathematically INSANE!
Whats even crazier is that 11 million ppl could run 400 billion like they were at a strip club in Vegas.
IMF Technical Support Hotline says: Remedy tickets open for reset, waiting on completion of the Beast and the NWO system integration before resetting... Almost there folks. Standby!
I am trying to keep up with all these black swans apperantely popping up everywhere..I thought these things were suppose to be, you know..black swans..
Someone somewhere should start making little rubber black swans, you know, like the little yellow rubber duckies
The bailout of Greece should more accurately be described as a bailout of European/American banks that hold Greek national debt.
You are 5 years late. 90% of the greek debt is held by the eurozone, IMF and ECB. The banks were bail-out 5 years ago!
And the parting on the Left, is now parting on the Right
And their beards have all grown longer overnight
No Sir, it won't happen. The other party will not fair any better than the outgoing one. The real answeres have to be dug form the events that occurred during the week of the referrendum.
First take all the bailout money then throw Troika to the sharks. That way Greece has some operating capital to weather the transition out of the euro.
Just one more hit on the crack pipe. Then we quit for real.
Junkies are loyal to their dealers first.
We'll be fighting in the streets
With our children at our feet
And the morals that they worship will be gone
And the men who spurred us on
Sit in judgement of all wrong
They decide and the shotgun sings the song
I'll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around
Pick up my guitar and play
Just like yesterday
Then I'll get on my knees and pray
We don't get fooled again
The change, it had to come
We knew it all along
We were liberated from the fold, that's all
And the world looks just the same
And history ain't changed
'Cause the banners, they are flown in the next war
I'll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around
Pick up my guitar and play
Just like yesterday
Then I'll get on my knees and pray
We don't get fooled again
No, no!
I'll move myself and my family aside
If we happen to be left half alive
I'll get all my papers and smile at the sky
Though I know that the hypnotized never lie
Do ya?
There's nothing in the streets
Looks any different to me
And the slogans are replaced, by-the-bye
And the parting on the left
Are now parting on the right
And the beards have all grown longer overnight
I'll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around
Pick up my guitar and play
Just like yesterday
Then I'll get on my knees and pray
We don't get fooled again
Don't get fooled again
No, no!
Yeaaaaaaaaaaaaaaaaaaaaaaaaah!
Meet the new boss
Same as the old boss
Very nicely done...thanks..
Who in their right mind would ever WANT to be the leader of Greece????
The right person at the right time. That's all it takes. The Greeks are such a mess because they haven't had that right person yet, maybe the time is coming.
They need someone who isn't afraid to do a little bitch-slapping. Someone who comes right out and TELLS them that the Euro is a piece of shit fiat currency that they ought to wipe their asses with, and who then brings back the Drachma. Sure, it will be less valuable a currency, but that is what Greece NEEDS for it's own little economy.
He/she needs to be firm, not wishy-washy like Tsipras. It was nice of Tsipras to call for a referendum and all, but in fact he already GOT that the day he was elected. He had only to exercise it...he lacked the balls.
His enemies knew that apparently. You can't play nice with these Euro-fascists...you have to take heads. You have to go toe to toe, nose to nose with these jerks and yell right back at them, "No, fuck YOU!". You don't sit down to dinner with them, with your napkin all spread on your lap. You fling the contents of the fingerbowl in the host's face, and yank the tablecloth and scatter the china, and tell them to start getting serious before you get really pissed.
"The rules", as the Europeans see them, require the Greeks to 'behave themselves' in a certain way. But those rules were put in place specifically to prevent anyone from discussing things they would rather not discuss. Look how the Greeks were stonewalled, marginalized, brushed-off...That bullshit should have been strangled at birth, and the Europeans put on notice that their games would NOT be tolerated this time.
Any new Greek leader should stand in front of a mirror and practice saying the following..."So that's how you feel about it? Fine, then go fuck yourselves!"
Ditching the Reserve Bank debt-based promisory note system and replacing it with interest-free sound money is apparently a suicide mission (Lincoln, JFK, Ghadaffi). Not many people have the courage for that, even though they may be judged well at the gates of Heaven. For it's not only thier own life that is threatened, but those of family and loved-ones. It would also be a commitment to having one's own country destroyed. The gloves are off, and the debt-lords no longer worry about concealing their crime. More and more transparently that for them, we are just data-points on the server, and they are the rag (thanks Hitlery for the reference).
Greece would be immediately tagged as an 'axis of evil' country (not yet under the control of the BIS), and destroyed. Militarily and/or economically. Sanctions, hacks, earthquakes, fires, assasinations, provocateurs...or coup. Afghanistan, Iraq, Libya, Syria, Ukraine, Yemen...enough DEMONstrations of the satanist agenda to challenge any degree of christian/orthodox courage...IMHO.
"So with the entire world basically convinced that despite having lied to the entire country not once, but twice, Tsipras still has the voter support to remain in power, one has to ask: is this the face of the next black swan?"
I think we can confidently say that he has the support of the people rigging the elections. Whether he has the support of the people rioting in the streets is another matter altogether.
Greeks still support Syriza. Therefore Greeks are giving their consent to being Gemany's slaves just so they can spend their precious euros.
Pathetic cowards. Show some fucking courage and learn that quitting the EU is your only way out or shut your fucking mouths the next time you want to complain about european aggression.
The trump of greece
German "blackmail" = loans you actually have to PAY BACK. Please Grexit, stop talking about and be about it.
If Schauble found Varoufakis irritating, I can't wait till he's sitting across the table from this guy...
Maybe it's just a bad picture, but this Lafazanis guy looks crazed. Those eyes...burning like little coals, all the tension in his face...he looks like he'd start eating you while you were still alive. Maybe it's bath salts...
Ah well...Maybe now Germany will get the Greek leadership they so richly deserve. The Greeks themselves are fucked either way, so it doesn't make much difference to them. Go ahead and give your creditors a negotiating team led by this guy...
Even better, hide his meds before he leaves for Europe, just to ramp up the fun.
Another greek face in the crowd that wants to "kick the debt can" down the road...maybe I missed it...but I don't think any candidate has come forward with the platform..."I have a plan to pay back what we borrowed...we have nothing to fear but our own debt"....
Looking at his face...would you trust this man?
I'm so fucking tired of innuendo about nail guns and headers off of skyscrapers in response to stuff like this. Fucking people act like violence doesn't work both ways and like bankers are superhuman and don't bleed. It sounds like people expect to be killed for saying something (the truth usually) that offends a bunch of feeble old men who are literally the most universally hated and reviled group of human beings in the world, when the truth is if these renegade Syriza members had called Tsipras to a meeting and then stabbed him to death or had slaughtered the Troika, these old gray bankers would have been nothing more than terrified and wondering if the jig was up and they were going to be next.
People act like these bankers are forever invincible and ignore the fact that while maybe at one time they could always pay somebody to protect them, all military leadership and even many soldiers understand that when these hated old men finally lose control of their Frankenmarkets this time, the clusterfuck is so interconnected and huge that they will no longer be able to get paid in any currency with purchasing power. Furthermore, I wouldn't be surprised if all those banker suicides were in fact revenge killings carried out by citizen vigilante groups and they called them suicides just like they called the bombing in V for Vendetta a planned controlled demolition.
Carrier task group to the Agean sea in...
Good for them
And its the only way the Greeks can close their borders and stop another 5,000,000 immigrants pouring in this year alone.
Its now an utterly out of control tsunami of dross.
Unwanted, unemployable, unaffordable and a gross liability to every state in Europe.
Germany is expecting a 800,000 alone
Madness.
Yet the EUSSR and its member government are doing B all.
In Britain they are handed free homes Brits can't afford and which mean 30 years of debt slavery if you try and are also handed a generous income for life.
Not expected to work.
Complete access to all our free healthcare which is crashing under the burden.
Our schools have 100 languages.
And our demographics gives us 20 years before we become islamic.
However with hundreds of thousands of jihadi killers coming in, or already here, Europe will be long gone before that.
It'll stop as soon as the people of Europe do what needs to be done, and I ain't talking about marching and holding signs either. When they take the APPROPRIATE course of action, and it won't take much of it if it is applied in the right places, things will change. Remember, the purchasing power of the money they pay the goons with is directly tied to you accepting enslavement. If you stand up, in the current financial environment, it will lose that purchasing power. The financial system now rests not on pillars of economics, but on a political concept, and it is entirely dependent on the people of the world going along with it. Any Spartacus action in the EU, the UK or the U.S. will topple it
BitGold. Yes, it's redeemable, and you can move it across borders under capital control.
So basically the banksters and their media propagandists are down with the "radical left" Syriza", the new PASOK.
So basically the banksters and their media propagandists are down with the "radical left" Syriza", the new PASOK.
I think the elections will show that Tsipras (and the euro) is not nearly as popular as he was a month ago and as the Troika want him to be. And that every statement from Juncker et al. about how they expect Greek people to vote turns thousands of voters away from the memorandum parties, including Syriza.
I'm surprised the article doesn't mention that Lapavitsas is also in the new party - an excellent economist and a man with a real plan.
[Of course that old article about Lafazanis's "plan" is nonsense, although Stournaras must be arrested and brought to justice for years of fraud against the Greek state]
Popular Unity = P.U. Proof that socialism stinks. Fitting.
The Outcasts are the free people of Greece.
Print Drachmas.
Bitcoin is not the answer.
There is a government operating in Greece. Its just not Greeks government.
So now we have another guy pandering to get elected. Telling sweet nothings to all that will listen. Just like the last guy and the one before him. You would think people might catch on at some point? But no they want to be pulled around by the nose rather than go it alone.
So Tsipras perfects his Judas move. Campaign to get elected as a leftist. Betray his people and his party. Party abandons him. He rules as a centrist sell out without the baggage of Syriza
Tsipras the Trojan Horse.
My question. Is the new leftist wearing a tie? I'm not trusting any leftists who don't wear ties
Just when you think the Greek tragedy has come to an end (again) we are served with yet another act to follow . . . 'Oh, thank the maker.'