All Fixed In Greece? Not So Fast

Tyler Durden's picture

That today democracy died in Greece is no surprise to anyone (see note from Greek reader below). What may be unexpected, however, is that despite expectations that any talk of a Referendum is over and done with, this is hardly the case. In essence, what G-Pap said in parliament today is that there will be no referendum if and only if there is an agreement from the main opposition party. Alas, as the following headlines from Reuters indicate, this now appears to be a non-starter.

  • GREEK OPPOSITION LEADER ASKS PM TO RESIGN
  • GREEK OPPOSITION LEADER SAYS PM MUST QUIT, ELECTIONS MUST BE HELD

But most importantly,

  • GREEK OPPOSITION LEADER SAYS RESIGNATION IS A CONDITION FOR TALKS

And so back to square one, as G-Pap's bluffing blows up in his face and any agreement is now contingent on his departure, something he has said will not happen.

And in other news, a take on G-Pap's speech from a Greek reader:

In this evening’s speech delivered by finance minister Venizelos, he highlighted ten points.

 

1: All necessary measures must be taken to receive the bailout from our partners and creditors. At the same time the bailout should be approved by a majority of 180 lawmakers in the 300 seat parliament.
2: Any plans of referendum should be scrapped.
3: A consensus with New Democracy (ND) is on the cards and the chance to reach a common deal with the main opposition party seems a reality.
4: Our banking system has to kept secured and guaranteed.
6: Greece must receive the 6th tranche before December 15.
7: Negotiations about the new bailout agreement with Troika need to be started as soon as possible.
8: “We need to work with our partners on the Public Sector Involvement to achieve, if possible, 100% participation in the debt haircut".
9: New bailout agreements need to be ready by January 12. Greek banks have raised 120 billion euros from European Central Bank so far.
10: The bottom line is that the Greek people should decide about all the above

 

Today democracy died in favor of the banks.

Alas, democracy died in favor of the banks long ago, way back in 1913.