Emergency Greek Cabinet Meeting At 4 pm Local - Early Elections, Referendum To Be Discussed

Tyler Durden's picture

News is now coming fast and furious, with the latest locus of activity once again Greece, where we learn that there will be an emergency meeting in minutes, at 4 pm local. Dow Jones reports that early elections, and the referendum, will be discussed by the Greek cabinet, according to a government official. Supposedly G-Pap is trying to control the revolt in the socialist party. We fail to see how this is remotely good news, as early elections are merely another form of popular referendum which will simply delay the final outcome of the prevailing hatred toward the bailout, only with it it risks esclating the country closer to outright civil conflict.

We will bring more as we see it.

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fnord88's picture

The next great depression, or the next dark ages?

trav7777's picture

a currency union including countries that have relied on devaluation for most of the past century was foolish.

Especially when you consider that all of these nations were committing fraud on their deficit targets to even meet entry requirements.  WTF good are all these EU rules when everyone was cheating.

The big question remains what happens to all those swap icebergs that they executed with the likes of Goldman to get under the cap in years 1-2

Hearst's picture

Loss of confidence always precedes a deep currency debasement.  Thanks to the wonders of globalization if one major currency goes they all go.  Central banks see the writing on the wall which is why they and sovereign countries are feverishly buying Gold. 

MillionDollarBonus_'s picture

It would be ENTIRELY inappropriate for the Greek government to offer its citizens a referendum on the rescue package. This is a time of crisis and the markets are CRYING OUT for some LEADERSHIP from world officials. This is the time for politicians to be strong and push for bold economic reforms. If there is a fire in a primary school, should the teacher ask his/her students for their opinion? Of course not - that teacher should be escorting the children to safety. Similarly, the general public has the economic education of children and hence they need to be lead by economic EXPERTS.

Ruffcut's picture

You stoopid moron, these are not children in a school.

I'm so sorry your mother dropped you on your head when you were little. I wish she would limit your internet time, though.

tarsubil's picture

Top notch work once again, MDB.

11b40's picture

;-))  one of the best financial comedians on the Internet.  Go, MDB!

bread baker wshtf's picture

in your way of thinking

its o.k. to allow leaders to sell people, and their kids into economic SLAVERY....

for the public good...

idea_hamster's picture

"...trying to control the revolt in the socialist party."

Now that's a crappy job, especially when failure means you get "Trotsky-ed."

Mitzibitzi's picture

Both, and neither. We already invented all the cool shit to keep us (read as 'the Oligarchs') in relative comfort for the foreseeable future. Just need to get the world population down to a sensible figure- say 500 million?- to free up energy and resources for the rest of us (read as 'the Oligarchs). That might be the hard part. Oh... wait... I see a few ways!

Sad, ain't it?

srsly-wtf's picture

What happened to all the crowing about the best month for stocks in 30 years?

11b40's picture

That was so last month. 

dwdollar's picture

Time for the ramp!

Ryman1075's picture

Unreal....Guns, gold, ammo and food people.

kito's picture

maybe you havent noticed, but gold doesnt like actual chaos, only the thought of chaos quickly covered up by printing. and THAT IS NOT HAPPENING....forget gold, stick with ammo food and medicine

Gene8696's picture

Ammo & toilet paper... the rest I'll get from my liberal neighbors.

Cognitive Dissonance's picture

The term "Emergency" no longer has any meaning when it comes to Greece in particular and the Ponzi in general.

BTW I am considering attaching an audio file to my articles of me reading my work so ZH can hear my interpretation and emphasis. Is there any interest for this on ZH?

xcehn's picture

Outright civil conflict is a given throughout Europe.  The global economy is out of control.

DaBernank's picture

From where are they going to get the money to pay for the polling of the populace?

Yalperson's picture

Greece might not avert default after all... And meanwhile US banks have been ramping up risk to the periphery:

Comay Mierda's picture

popcorn... check
feet on coffee table... check
beer in left hand ... check
right hand down pants... check

let's rock

Iriestx's picture

Early elections?  I'm sure the bankers will make sure the people will have a choice between several people, all of whom are wholly owned by the bankers.

AxiosAdv's picture

Don't forget that Greece "fell back" last weekend so they are only 6hrs from ET this week, not 7 as usual.

doublesharp's picture

I feel more like Slim Pickens everyday. YEEHAW!!!

anyways's picture

i expect TPTB to instruct the greek 'parliament' to kick G-Pap out. So, good news for the market... until next time.