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G-Pap's Referendum Bomb Was Secret Even From His Finance Minister

Tyler Durden's picture


Things in Greece are becoming absolutely surreal after Reuters has disclosed that G-Pap did not even tell his FinMin Venizelos (who earlier was hospitalized with stomach pains... yes, we know) that he was about to announce a referendum. From Reuters: "Greek Prime Minister George Papandreou had not informed his Finance Minister, Evangelos Venizelos, he was going to announce a referendum on the latest EU aid deal, a Greek government official said on Tuesday. "Venizelos had no idea about the referendum. All he knew about was the vote of confidence," a government official told Reuters on condition of anonymity. "He told Papandreou he should inform foreign partners and a letter was drafted in the early morning hours." What can one say but "coordinated decision-making."


Venizelos, who is leading talks with the EU, the IMF and banks on the country's bailout and debt swap deals, spoke on the phone with top officials on Tuesday, a day after the announcement, a finance ministry official said.


"Venizelos spoke with (German Finance Minister Wolfgang) Schaeuble, (IIF head Josef) Ackermann, (EU Monetary Affairs Commissioner Olli) Rehn, (IMF mission chief for Greece Poul) Thomsen in an effort to save the sixth aid instalment, the PSI and the bailout deal as a whole," said a finance ministry official who requested anonymity.

And since G-Pap has successfully dumped a Trojan Horse right in Europe's lap, now it is time for others to scramble. According to Dow Jones, French president Sarkozy is to meet the PM, central bank governor, finance minister, budget minister and foreign minister in response to the G-Pap stunner.

What else does the wily Greek have up his sleeve? Good question - nobody else knows.


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Tue, 11/01/2011 - 08:35 | 1831306 Cursive
Cursive's picture

Surprise, bitchez!  - GPap


Is there really anything else left to say?  Epic Fail.

Tue, 11/01/2011 - 08:36 | 1831317 wang (not verified)
wang's picture

the wily Greek

Tue, 11/01/2011 - 08:38 | 1831339 ratso
ratso's picture

The Greek government continues to bring the art of lying to new heights.

Tue, 11/01/2011 - 08:40 | 1831349 French Frog
French Frog's picture

yes and if you believe that he didn't know (come on!) then you might as well believe what you hear on cnbc

Tue, 11/01/2011 - 09:01 | 1831493 He_Who Carried ...
He_Who Carried The Sun's picture


On that very day of that ominous Referendum Greece needed to be already isolated economically in order to shield the rest of the union from a possible NO. If they say NO Greece must leave, but not because its the economically most viabble solution but because it would be nigh impossible to explain to anybody that a NO TO REFORMS AND AUSTERITY should merit further aid. Checkmate!

Tue, 11/01/2011 - 08:40 | 1831324 HelluvaEngineer
HelluvaEngineer's picture


molon labe!

Tue, 11/01/2011 - 08:53 | 1831432 Snidley Whipsnae
Snidley Whipsnae's picture

"Is there really anything else left to say?"


multiple shockwaves.

Tue, 11/01/2011 - 08:34 | 1831308 Irish66
Irish66's picture

ulcers for everyone

Tue, 11/01/2011 - 09:29 | 1831753 Zero Govt
Zero Govt's picture

Govt politics is a Cancer to give it its correct category as a social disease 

Tue, 11/01/2011 - 08:35 | 1831310 stopcpdotcom
stopcpdotcom's picture

Perhaps one of you clever economics people can answer this:

What would happen if interest rates, instead of being set by the central bank, were allowed to float and be determined by some sort of market mechanism?

Tue, 11/01/2011 - 08:38 | 1831335 Quintus
Quintus's picture

Well, for one thing the boom and bust cycle caused by the Central Banking clowns trying to predict what the price of money should be (and always getting it wrong) would be halted, or greatly reduced in severity.

For some reason, nobody believes in central planning for just about any other resource other than money.  

We all know what normally happens to centrally-planned systems that are orders of magnitude more complex than those who claim to manage them.

Tue, 11/01/2011 - 08:42 | 1831359 snowball777
snowball777's picture

A lack of growth from credit bubbles and a collapse in market structure? Did I win? Did I win? *

When you say "float", you mean fixed rates just not set by the Fed at origination...or did you mean variable pegged-to-"shylock base rate" as well?

Yeah, in my nabe, they call that loansharking.

* not really a paid economist, but I did sleep at a Holiday Inn.

Tue, 11/01/2011 - 08:43 | 1831361 Snidley Whipsnae
Snidley Whipsnae's picture

"What would happen if interest rates, instead of being set by the central bank, were allowed to float and be determined by some sort of market mechanism?"


What a concept! I vote that we call it capitalism!...

BTW, that is exactly what will happen when all the bs by central bankers is shown to be nothing but rearranging the deck chairs aboard the Titanic... Mr Market always wins and no central banker, or anyone else, can say what interest rates should be.

Central bankers attempting to 'put a lid' on interest rates will work no better than government fiscal policy of establishing retail price controls... in the long run.

Tue, 11/01/2011 - 08:57 | 1831420 Ghordius
Ghordius's picture

"What would happen if interest rates, instead of being set by the central bank, were allowed to float and be determined by some sort of market mechanism?"

What are you, a terrorist?/ Sarc ;-)

Well, for starters we would have rates above 4% (in most periods) and rates next to 8% (in many periods). This according to history before full unbacked fiat money "cartels" spanning the globe...

Since nowadays sovereigns, corporations and people are addicted to ultra-low-rates, it would mean cold turkey for everybody. And remember that wars would be more difficult to finance, before WWI countries had to build up a "war chest" in gold...

Tue, 11/01/2011 - 08:35 | 1831312 snowball777
snowball777's picture

We're tracking two Mirage 2000s coming hot into Athens tower...

Tue, 11/01/2011 - 08:35 | 1831315 agent default
agent default's picture

Is the clusterfuck complete yet?

Tue, 11/01/2011 - 08:49 | 1831401 NorthenSoul
NorthenSoul's picture

Afraid the clusterfuck shall continue until morale improve. (That'll be the day!)

Tue, 11/01/2011 - 08:35 | 1831316 GeneMarchbanks
GeneMarchbanks's picture

LEeeeeerrroyyyyyyy JJJEeeeeeNNnkkKKinnssssss!!!!!

Tue, 11/01/2011 - 08:36 | 1831320 UGrev
UGrev's picture

For some reason, that shit never gets

Tue, 11/01/2011 - 08:44 | 1831368 GeneMarchbanks
GeneMarchbanks's picture

I abuse it I admit ;)

Tue, 11/01/2011 - 08:36 | 1831318 UGrev
UGrev's picture


Tue, 11/01/2011 - 08:37 | 1831323 Mongo
Mongo's picture

Perhaps there is still some good in G-Pap...

Tue, 11/01/2011 - 08:37 | 1831327 duo
duo's picture

Can we have a referendum on Obamacare and Dodd-Frank?

Tue, 11/01/2011 - 08:38 | 1831332 Joeprimo55
Joeprimo55's picture

This is SPARTA!!!  And a big kick in the chest to the EURO,,,,spiraling down in to an endless black hole...

Tue, 11/01/2011 - 08:38 | 1831333 bnbdnb
bnbdnb's picture

I pray for Papa's safety.

Tue, 11/01/2011 - 09:25 | 1831724 Zero Govt
Zero Govt's picture

replace "safety" with "lynching'

..there fixed it for ya 

Tue, 11/01/2011 - 08:40 | 1831341 DormRoom
DormRoom's picture

G-Paps a socialist.  He couldn't betray his ideals.  Even with bailout, GDP of 120% by 2020, if they do everything right! 120% by 2020.


In effect a lost decade.  You should go to the people, to see if this is what they want.  Or a Greek exit, which may lessen the time for adjustment, and spare years of pain.


Tue, 11/01/2011 - 08:39 | 1831343 Schmuck Raker
Schmuck Raker's picture

I take it the $8B check from the EU cleared yesterday.

Tue, 11/01/2011 - 08:39 | 1831344 chubbar
chubbar's picture

He probably didn't tell him because he knew he'd be dimed out to the EU/IMF cabal and be threatened. Now the referendum can't be turned off. It was a good strategy and now all but guarantees the greek people will have a voice in their future (all my opinion of course).

Look for a hard default right after the vote.

Tue, 11/01/2011 - 08:39 | 1831345 Pumpkin
Pumpkin's picture

What the hell is this??!!  A politician wanting to do what the people want? It gets more confusing every day!

Tue, 11/01/2011 - 08:40 | 1831346 mayhem_korner
mayhem_korner's picture



This just released from the green phone in G-Pap's bunker:

Spartacus, this is Grape Leaves.  Blue horseshoe loves Caligula...repeat blue horseshoe loves Caligula. 

Tue, 11/01/2011 - 08:40 | 1831347 HD
HD's picture

Riots and coming social collapse will give a person a tummy ache...

Tue, 11/01/2011 - 08:40 | 1831351 Debtless
Debtless's picture

Unconfirmed reports also note he was hospitalized from too much international banker jizz in his stomach.

Tue, 11/01/2011 - 08:42 | 1831353 Zola
Zola's picture


funny i was about to say the same thing, THIS IS SPARTA BITCHEZZZ ! 

Tue, 11/01/2011 - 08:42 | 1831357 Flounder
Flounder's picture

Can't wait to see what rabbit gets pulled out of the hat next.  Also the US better heed this get with the austerity.

Tue, 11/01/2011 - 08:43 | 1831365 lizzy36
lizzy36's picture

That was some summit.

I tell you what Europe needs is a Super Committee. 

Tue, 11/01/2011 - 08:52 | 1831366 LookingWithAmazement
LookingWithAmazement's picture

Referendum will be cancelled, due to a bunch of very angry Euro-politicians.

Tue, 11/01/2011 - 08:52 | 1831418 HelluvaEngineer
HelluvaEngineer's picture

Don't you think it's a good day for you to give it up?

Tue, 11/01/2011 - 08:44 | 1831369 BurningFuld
BurningFuld's picture

guess what? The joke is on the Banksters. They are not getting paid back! They must be shitting their collective pants this morning.

Tue, 11/01/2011 - 08:51 | 1831416 s2man
s2man's picture

The Greek pensions will not get paid back, either.  So, they've borrowed their pensions and spent them.  Ha ha ha.

Oh. Wait. Where did I put my Social Security...

Tue, 11/01/2011 - 08:45 | 1831375 HellBoy6
HellBoy6's picture

You can't make this stuff up.  LOL, the United States of Europe; so smooth...

Tue, 11/01/2011 - 09:20 | 1831622 Zero Govt
Zero Govt's picture

Hey less dissing Europe bud'... your US Congress, Senate and President are all such a bunch of incompetent bickering brats they've had to by-pass the entire 'democratic' legislature and form a Super Committee because the US Govt has ground to a farcical halt 

The entire US Govt has become a spare part, unemployable, clowns whistling Dixie while gathering dust.. anyone thinks Europe's got problems hasn't met the fuking basket case across the Pond

Tue, 11/01/2011 - 09:19 | 1831669 Ghordius
Ghordius's picture

"United States of Europe"??

No thanks. Got enough with EU & EZ. More bitching, less power at the top.

Tue, 11/01/2011 - 09:36 | 1831805 Zero Govt
Zero Govt's picture

less money equals less public sector equals less Govt equals less problems

the penny hasn't quite dropped Greeces 50% haircuts is actually a rapid improvement... Greece are actually making big progress and when Govt has a €0.00 budget the problems in Greece will be completely eradicated ..might be there shortly!

Tue, 11/01/2011 - 09:44 | 1831864 Ghordius
Ghordius's picture

Zero Govt, one of those days you have to allow me a friendly fight

from your name I imply that you are a Libertarian - am I right?

If yes, a question: why do Libertarians always talk about Govt to Zero or near Zero? My point is that you could get a majority IF you would raise the bar and go to 10% or even 20%. Your "Zero Govt" makes you holy but excludes you from real action, IMO.

Tue, 11/01/2011 - 08:47 | 1831378 terryfuckwit
terryfuckwit's picture

i love unpredictable moves it is like fresh air blowing away the cobwebs..

Tue, 11/01/2011 - 08:47 | 1831380 Snidley Whipsnae
Snidley Whipsnae's picture

S&P futures off 30.45 or 2.44%...


Tue, 11/01/2011 - 08:50 | 1831406 mayhem_korner
mayhem_korner's picture



What are the chances that a nouveau rumor of intervention by China is being ginned up right now for the 3pm EDT stick-save?

Tue, 11/01/2011 - 08:57 | 1831465 Snidley Whipsnae
Snidley Whipsnae's picture

"What are the chances............"


Lead pipe cinch... and if the rumor is not of a 'Chinese intervention', it will be some other bs that can be fed to the HSTs and the 6 remaining day traders.

Tue, 11/01/2011 - 08:47 | 1831385 mayhem_korner
mayhem_korner's picture



I think it's fair to say it is a risk-off day.

Tue, 11/01/2011 - 08:56 | 1831462 ambrosiac
ambrosiac's picture



Not too sure about China.  They run one of the piers at the port of Piraeus; workers have to ask permission to go to the restroom.  People may be a little leery about getting involved with the Chinese.


Meanwhile some ruling party Parliament reps look askance at risking the whole haircut cum loan shebang.  The referendum was supposed to alleviate voters' pressure on them but it may be backfiring.


I stand by my take: it is just a G-Pap trick.  There will be no referendum.


Tue, 11/01/2011 - 09:00 | 1831487 bnbdnb
bnbdnb's picture

Imagine what Obama is thinking - damn Pap...but he knows he can't say anything publically against it....he is the president of a "democracy". LOL

Tue, 11/01/2011 - 09:07 | 1831529 Zero Govt
Zero Govt's picture

"And since G-Pap has successfully dumped a Trojan Horse right in Europe's lap.."

I'm thinking something not quite as beautiful, elegant and sculptured... something more like a turd

...but isn't dropping turds on society Govts and politicians primary role throughout history?

Tue, 11/01/2011 - 09:08 | 1831567 kalasend
kalasend's picture

Come on G-Pap, you're getting out and your country will be going down no matter what. Do the right thing just once before historians summarize you in books

Tue, 11/01/2011 - 09:11 | 1831596 sumo
sumo's picture

G-Pap was rumored to have bought Greek CDS cheaply, some time ago, via companies he is associated with.

Allegations were made to that effect in Parliament.

Could be he is going mano a mano with ISDA for fun and profit.

Tue, 11/01/2011 - 09:22 | 1831701 Zero Govt
Zero Govt's picture

the entire socialist Greek Govt of the past 2 decades has been little more than a creaming and fleecing joint ...wouldn't surprise me if Papacockupalot was profiting through shell companies

Tue, 11/01/2011 - 09:15 | 1831637 Sudden Debt
Sudden Debt's picture

It will be good for him. Maybe he'll get to keep his job when the next elections arrive.

Can't blame him in this jobmarket :)


Tue, 11/01/2011 - 09:45 | 1831882 Grand Supercycle
Grand Supercycle's picture

As mentioned for some time, the bullish USD weekly chart continues to exert it’s influence and according to my analysis this will continue.

DOW chart showing bearish megaphone pattern warned of downtrend resumption.

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