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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Cursive's picture

Surprise, bitchez!  - GPap


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

wang's picture
wang (not verified) Cursive Nov 1, 2011 7:36 AM

the wily Greek

ratso's picture

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

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

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!

Snidley Whipsnae's picture

"Is there really anything else left to say?"


multiple shockwaves.

Irish66's picture

ulcers for everyone

Zero Govt's picture

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

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?

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.

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.

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.

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...

snowball777's picture

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

agent default's picture

Is the clusterfuck complete yet?

NorthenSoul's picture

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

GeneMarchbanks's picture

LEeeeeerrroyyyyyyy JJJEeeeeeNNnkkKKinnssssss!!!!!

UGrev's picture

For some reason, that shit never gets old..lol

Mongo's picture

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

duo's picture

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

Joeprimo55's picture

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

bnbdnb's picture

I pray for Papa's safety.

Zero Govt's picture

replace "safety" with "lynching'

..there fixed it for ya 

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.


Schmuck Raker's picture

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

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.

Pumpkin's picture

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

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. 

HD's picture

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

Debtless's picture

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

Zola's picture


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

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.

lizzy36's picture

That was some summit.

I tell you what Europe needs is a Super Committee. 

LookingWithAmazement's picture

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

HelluvaEngineer's picture

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

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.

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...

HellBoy6's picture

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

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

Ghordius's picture

"United States of Europe"??

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

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!

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.

terryfuckwit's picture

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

Snidley Whipsnae's picture

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


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?

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.

mayhem_korner's picture



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