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Greek Opposition Leader Threatens To Scuttle Greek Rescue Package
Earlier today, in no uncertain terms, members of the Eurozone made it clear that unless Greece signs a commitment to implement the economic reforms (read: collect taxes) agreed upon as part of the October 26 bailout agreement, it would not receive "one cent." Well, just like last week when G-Pap threatened to blow up the carefully laid plans of mice and eurocrats by demanding a referendum, only to arrange a seemingly peaceful transition in power to his, and the Fed's, and the ECB's puppet L-Pap, so it is now the turn of his opponent to put the entire Greek rescue in jeopardy, and with it the future of the euro, eurozone, all the banks that are "perfectly hedged" to Europe, etc, etc. Because it appears that the leader of the main opposition party, New Democracy Antonis Samaras, has "just said no." According to Kathimerini: "There is such a thing as national dignity. I have repeatedly explained that, in order to protect the Greek economy and the euro, the implementation of the October 26 agreement is inevitable," Samaras said in the statement, referring to a new EU debt deal hammered out for Greece by EU leaders. "I won't allow anyone to question the statements I have made."
From Kathimerini:
This statement came just a few hours after Finance Minister Evangelos Venizelos told a cabinet that five top Greek officials would co-sign a letter -- demanded on Monday by Eurogroup chief Jean-Claude Juncker -- reaffirming their commitment to Greece's bailouts deals and economic reforms in order to secure later this month an 8-billion-euro tranche of rescue funding on which the country's solvency depends.
Venizelos said that those officials are Papandreou and Samaras, the Bank of Greece governor, the new prime minister and the finance minister (without determining whether he will keep this post or not).
European Economic and Monetary Affairs Commissioner Olli Rehn also said on Tuesday that the written commitments from Greece to re-establish confidence following the political developments last week.
So the question is: is it really an issue of "national dignity" or, far more likely, an issue of how much money is transferred from some Swiss account to Samaras bank account in Greece (which naturally would follow the ongoing bank run promptly offshore, never to be seen).
We will keep you updated on this latest glitch in the European bailout plan.
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I thought this Greek soap opera was finally over, guess I was wrong.
Is this the reason PMs are having a major boner ATM?
Samaras is a Jewish name, so interesting.
My cynical eyes say just manufactured opposition to keep the drama, or is that the draCHma going on a little longer.
11/11/11? 15/11/11?
Who knows. Soonish though.
ORI
Paying Attention
Good one.
Is this a "Sabotage the plan unless I get in on the action" style move?
"I have repeatedly explained that, in order to protect the Greek economy and the euro, the implementation of the October 26 agreement is inevitable."
Doesn't sound like Samaras is trying to scuttle the deal to me. Did I miss something?
agree. i don't get how that statement constitutes intransigence.
He said it, but he won't sign anything that says he will do it. Nor should he. Eurocratz can take their 'letter' and stick it.
Ah, well if all he is refusing to do is repeat himself on paper, I wish it had been made more obvious in the post.
Rehn wants him to sign that "I agree to my country and myself being humiliated for ever after" or some version of this. And he declined (indirectly of course, that's why it's not clear). But no worries, he'll get to it after he receives a few phone calls.
I can't help but feel that quote was misprinted. on the telegraph website there is a live euro debt crisis blog they've report hours ago that Samaras is refusing to sign the declaration.
after all his new democracy party is quite large and is calling for a renegotiation of the october 26th the deal.
Printed money going from the left hand to the right hand, through some whore in the middle. What else is new?
All the PIIGS do what Iceland did and default. Let those that took the risk eat the losses rather than your people. Iceland defaulted, showed the bankers the door and are now recovering.
True, everybody thought greece, portugese, italian, irish, spanish bonds where safe once the joined the euro, and because the yields where a bit higher than the safer countries, everybody bought in bulk.
They thought wrong, so let them eat dirt I say!
And please change that name PIIGS!!!!
Change it to B-PIIGS!!!!!
Don't forget Belgium I always say :)
Why did my mind flash to Bay of Pigs .. is there some time warp from 50 years ago, and B-PIIGS will usher in another humiliating outcome for the PTB?
I don't get it-- sounds like he saying an emphatic "yes" to the bailout terms
After reading Bruce's piece on Athen's, I don't see an end
Good fucking grief. Someone stop this roller coaster.
This story's headline and post don't make sense...
The transfer will be from Swiss bank to Swiss bank.
Greece has nothing to do with it (literally).
Or to put it another way, this has nothing to do with Greece, and it has everything to do Samaras offering up a supposedly "dignity" declaration for his own political party dissenters.
G-Pap and Samaras both are realizing that sharing the government also means sharing the stigma of the loss of sovereignty which will follow them until the end of their career. So expect some more "brave" nationalistic fanfare in the next few months, which will mean nothing in practice.
Eurozone ponzi pontiffs have nothing on Greece, and should know better than to make foolish, empty demands that national political leaders sign formal documents binding them to future political actions. This is total nonsense.
Greek dignity? Corrupted to the bone, Cooked the books to enter EMU ........ Have received payment for sexual services and now refuse to have 1.
Would we hear Brussel's scream if a few of the PIIGS got together and met without the Eurocrats?
"NIA believes that the best decision for Greece and its citizens would be to turn down the new bailout deal and declare bankruptcy. Greece would be best off leaving the eurozone and creating their own fiat currency. The bailouts are doing nothing to help the citizens of Greece, they are only helping the German and French banks that recklessly purchased Greek bonds at artificially low interest rates. If Greece declares bankruptcy, the country won't self-destruct. All of their infrastructure will still exist, but their debts will be eliminated and Greek citizens will enjoy a higher standard of living" - http://inflation.us/europeandebtcrisis.html
In this Greco Roman odyssey each entrenched politician will seize the opportunity to take a stance.
Anyone notice that the Libor-OIS spread has begun to climb Mt Etna?
Are they trying to force a bargaining position? Isn't this one of the 5 stages of grief?
http://en.wikipedia.org/wiki/K%C3%BCbler-Ross_model
LOL :-)
They want to keep the soap opera going because it has such a global audience. Greece has never had so much publicity as now. Wow. Besides...lets keep the markets in confusion and totally screw with their brains so they won't know up from down...right from left....so much easier to pull the bullshit over there eyes.
Tyler this headline and the story underneath are not consistent.
You know that scene in the movies when the relative is on the death bed and all the other relatives are around trying to get the dying one to sign a new will. The dying one is barely conscious, never mind of sound mind, and the relatives are holding the hand to try to get them to scrawl a signature? The Euro zone is there with Greece.
Like a signature means shit anymore...Lol.
so lets be clear.
what he's saying is "i agree to the bail out terms".
but its "beneath the dignity of greece" to sign a formal contract agreeing to them?
well of course it is--because greece has no intention of fulfilling its side of the deal.
verbal agreement to the terms in oirder to get the money is fine.
but why should they commit themselves to delivering by signing anything?
that was never the deal between "the greek people" and the eec.
no new news here--just same old same old...
surely everyone gets this by now?
i am glad someone has a pair of balls....tell the banksters to go fuck themselves...
If I were the PM I wouldn't sign any agreement for a bailout. If you look above this article on the main web page someone did a breakdown of where the that money is going. Most goes to parties OUTSIDE of Greece. In essence the banksters are paying themselves off with a loan to Greece, at least that's my interpretation. What the Greek government should do is hold out for a better deal. The Eurozone would probably give them one rather than watch the European economy burn to the ground.
It's Roshomon.