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It's (Re-Re-)Official: L-Pap Is PM

Tyler Durden's picture




 

To everyone who was hoping the latest Greek PM would be a double letter, triple word score game killer in Scrabble, our apologies. In the end the ECB's puppet ended up in control, just as initially expected. Kneejerek reaction in the EURUSD higher which will be promptly faded and all that jazz. Fact is nobody cares about the ECB/Fed protectorate known as Greece any longer.

From WSJ:

Lucas Papademos, a former European Central Bank vice president, has been named Greece's new prime minister, senior officials from Greece's main political parties said Thursday.

 

"It's finally over, we have a new prime minister," a senior socialist party official said. "Mr. Papademos will be sworn in today." An official from the conservative opposition party said an "agreement has been reached on Mr. Papademos to become prime minister and he has accepted."

 

"Senior members from both parties will make up Mr. Papademos's cabinet," he added.

 

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Thu, 11/10/2011 - 08:42 | 1865266 UK debt marsh
UK debt marsh's picture

Who's your Pappy

Thu, 11/10/2011 - 08:45 | 1865281 CPL
CPL's picture

Fed-Pap in da his-ouse!

Thu, 11/10/2011 - 09:11 | 1865356 bania
bania's picture

Meet the new Pap. Same as the old Pap.

Thu, 11/10/2011 - 09:32 | 1865444 Taterboy
Taterboy's picture

Next week - Zorba the Greek

Thu, 11/10/2011 - 10:04 | 1865607 barkster
barkster's picture

another PAP-smear...

Thu, 11/10/2011 - 09:13 | 1865360 jdelano
jdelano's picture

Damn.  All bets now transferred to Burlesqueoni.  

Thu, 11/10/2011 - 08:42 | 1865267 KlausK
KlausK's picture

Yeah. Whatever.

Thu, 11/10/2011 - 08:45 | 1865278 fourchan
fourchan's picture

they are still tits up broke.

Thu, 11/10/2011 - 08:46 | 1865284 CPL
CPL's picture

Well when you run out of rumours you recycle the stuff that seemed to provide traction before.

Thu, 11/10/2011 - 08:42 | 1865268 paarsons
paarsons's picture

Cool!

Another central banker is in charge of the world.

Happy days are here again.

http://fucklloydblankfein.blogspot.com

Thu, 11/10/2011 - 10:40 | 1865794 centerline
centerline's picture

Yup.  Keep 'em coming.  A few more obvious plants and there won't be much to guess at anymore about who is in charge and where we are going.  People starting to wake up a little.  Just enough of them to make some waves.  At some point, critical mass is formed and the pitchforks come out.  These sort of moves show how desperate they are because they risk too much sheeple stirring.  Iron fist going to come down soon instead.  Or someone is going to stoke the fires of war.

 

Thu, 11/10/2011 - 08:42 | 1865269 GeneMarchbanks
GeneMarchbanks's picture

Rumor has it he's a banker.... so?

Thu, 11/10/2011 - 08:43 | 1865272 lapedochild
lapedochild's picture

I stopped caring a long time ago... Italy is where it's at... and Spain is trying to hide but can't for long...

Thu, 11/10/2011 - 08:46 | 1865273 Arius
Arius's picture

Tyler  - again on the money, after all the rollercaster your analysis, insticts proved right again ... and again ... and again ... i certainly feel sorry for those taking the other side of your bet - I really do understand their frustration and their wish that for once in awhile you be proven wrong ... but if they can keep betting who knows ....

i suppose if i put it in Dalio's terms you know how the machine works ... might be easier to make predictions after that .... i suppose the rule of thumb is look for the usual suspects GS, Fed etc...

Thu, 11/10/2011 - 08:54 | 1865312 Raymond Reason
Raymond Reason's picture

It's like predicting the behavior of a spoiled child.  It's ....predictable. 

Thu, 11/10/2011 - 08:44 | 1865274 Stylianos Kyriacou
Stylianos Kyriacou's picture

Xmm, is this good or bad for the European economy ?

Thu, 11/10/2011 - 08:47 | 1865288 Arius
Arius's picture

well ... anybody cares??? i suppose is all about power and control! will take care of the economy once we arrive to the mountain top ...

Thu, 11/10/2011 - 08:48 | 1865290 CPL
CPL's picture

Who? Fed-Pap?

 

He's a federal reserve puppet, seriously his background is being a professional fart catcher for Central bank interests for a loooong time.

 

Good to know they purchased and placed yet another puppet in the chair.

Thu, 11/10/2011 - 08:53 | 1865309 Stylianos Kyriacou
Stylianos Kyriacou's picture

Spot on CPL. But if referentum was bad (according to the market) then i guess he, beeing exactly the opposite, is good. Or not? 

Where, referentum == democracy and fed-pap == pupper . 

Thu, 11/10/2011 - 08:45 | 1865279 lolmao500
lolmao500's picture

Total sellout... look at his resume :

Governor of the Bank of Greece from 1994 to 2002
Vice President of the European Central Bank from 2002 to 2010
He has served as Senior Economist at the Federal Reserve Bank of Boston in 1980
During his time as Governor of the national bank, Papademos was involved in Greece's transition from the drachma to the euro as its national currency.
He has been a member of the Trilateral Commission since 1998.
Thu, 11/10/2011 - 08:48 | 1865292 Manthong
Manthong's picture

You can't be a sellout if you are a born tool.

Thu, 11/10/2011 - 09:00 | 1865335 Coke and Hookers
Coke and Hookers's picture

Look at the guy they are pushing as Italy's PM, Mario Monti:

 

He completed graduate studies at Yale University, where he studied under James Tobin, the Nobel prize-winning economist (Arch-Keynesian).[1]

He is also European Chairman of the Trilateral Commission, a neoliberal think tank founded in 1973 by David Rockefeller[2] and member of the Bilderberg Group [3].

In 2010, upon charge of president Barroso, Monti published a Report on the future of the Single Market, proposing further measure towards the completion of the EU single market[4]

On 15 September 2010 Monti supported the new initiative Spinelli Group, which was founded to reinvigorate the strive for federalisation of the European Union (EU). Other prominent supporters are: Jacques Delors, Daniel Cohn-Bendit, Guy Verhofstadt, Andrew Duff, Elmar Brok.

 

See the trend? Bloodless coups with the appropriate puppets installed. Better deal than Gaddafi got though. At least G-Pap and Berlusconi weren't shot when they were toppled.

Thu, 11/10/2011 - 09:05 | 1865349 longonSpam
longonSpam's picture

+1 send Kudlow to become governor of Corsica

Thu, 11/10/2011 - 08:47 | 1865286 Troy Ounce
Troy Ounce's picture

 

 

Papacrash?

Thu, 11/10/2011 - 08:48 | 1865287 Ancona
Ancona's picture

Hahahahaha to infinity and beyond bitches!!

This is fucking better than live theater! I love watching these asshats try and lie, cheat and obfuscate their way around the plainly visible truth. They are fucking doomed and they know it. The public knows it and the rest of the world knows it. the only dumbasses that do not want see the truth are those in power.

Fucking brilliant theater this!

Thu, 11/10/2011 - 08:49 | 1865297 CPL
CPL's picture

They don't need our money obviously anymore. 

Much like a game of monopoly, when the last player has everything it usually means the game is over and more than likely the other kids hate that kid's guts for a little while.

Thu, 11/10/2011 - 08:48 | 1865294 Zgangsta
Zgangsta's picture

This name works much better with the "Rock Me Amadeus" parody.

Thu, 11/10/2011 - 08:49 | 1865296 Alex Kintner
Alex Kintner's picture

Greece is sooo Pre 11-11-11. Why are we still talking about it? It's Italy's 15 minutes now.

Thu, 11/10/2011 - 08:51 | 1865304 ziggy59
ziggy59's picture
France extends short-selling ban on bank shares

http://www.reuters.com/article/2011/11/10/france-shortselling-idUSLDE7A9...

 

 

...because in the New Twilght Zone, which used to be the Eurozone, UP is the old down..

Thu, 11/10/2011 - 08:52 | 1865305 AngryGerman
AngryGerman's picture

The only worthwhile part of the above statement is "It's finally over [...]"!!

Thu, 11/10/2011 - 08:53 | 1865310 yogibear
yogibear's picture

Oust the current leaders and install the bankers. We know who the real masters are.

Thu, 11/10/2011 - 09:02 | 1865341 Raymond Reason
Raymond Reason's picture

Yes, let's stop the charade.  Stop the bs.  We all know who holds the power now.  And that fact alone is a big chink in their formerly impenetrable armor.

So, ironically this is actually progress for us. 

Thu, 11/10/2011 - 09:11 | 1865358 Hansel
Hansel's picture

I don't understand how any new PM can be 'intsalled.'  Is voting dead in Greece?  Whenever a PM quits then the government gets to pick whoever they want?  Makes no sense to me.

Thu, 11/10/2011 - 08:55 | 1865317 lizzy36
lizzy36's picture

No this is awesome.

The are going to "aim" to implement bailout 3.0 (or was is 4.0?) Of course given that they are 0 for 6 on meeting their Troika targets, one can safetly assume that they will fail in their aim.

So can they extend this into q1 2012 or is Greece it fall apart in next 6 weeks?

Thu, 11/10/2011 - 08:56 | 1865321 longonSpam
longonSpam's picture

What's the take on this New Demo Party, I know Old Pap was Soc Party and there's a significant Communist Party but wtf is New Pap? Aside from a puppet obviously..

Thu, 11/10/2011 - 09:24 | 1865406 Turtlelord
Turtlelord's picture

First of all, regardless of stance towwards new-pap, bear in mind that both parties fought long and hard to nominate as ineffectual a PM as possible while it was actually the street that went berserk upon learning of this.

New Dem is a traditional center-right party which has been taken over by fundamentalist nationalists that bear much more resemblance to the commies than a mainstream stalwart party. Most of their hardocre base is for ditching the euro, the eu and going it alone with help from the russians/chinese.

The parties' biggest fear is that this gov't actually does anything good and shows them two, for the kleptocracy they are. But the tide's changing (unknown whether for good or bad). These days both "main" parties (Pasok, ND) can't muster more than 37% between them when just 10 years ago they controlled 80+%

it's this irrelevance that's had them shitting their pants.

Thu, 11/10/2011 - 09:37 | 1865470 MS7
MS7's picture

Interesting perspective. But I don't think this guy will be ineffectual. He ushered Greece into the euro, but of course he knew nothing, saw nothing, heard nothing about the fake Greek statistics. Merkel and the rest wanted him. So they must have faith he will carry out his orders. The people will hate him and enough members of the two parties will protest his measures so their supporters can make excuses for them.

I think he was associated with the "socialist" party. But socialist is a fake title. They are far from socialists or leftists. They and the other "main" party are for sale.

As for nationalists, I do not believe there a lot of real nationalists in the New Dem Party. They just say things to gain votes. What is wrong with nationalism anyway? In the US they require their Presidents to be nationalists. A weaker country like Greece has even more need to have a nationalist in charge to protect the country's interests from bankers and others.

Thu, 11/10/2011 - 09:59 | 1865581 longonSpam
longonSpam's picture

Tux for the replies for a newbie, it's obvious that everything is fake & up for sale but I still don't get that nobody on any side has tried to assassinate anybody else yet, not that I'm advocating it but you'd think by this point somebody would start the fireworks. You'd think TPTB had figured out a way to take it witcha..

Thu, 11/10/2011 - 10:06 | 1865608 Withdrawn Sanction
Withdrawn Sanction's picture

"But socialist is a fake title."

Except when it comes to socializing losses...

Bottom line, would it really have mattered if they changed captains on the Titanic.  From the moment Europe hit the ISDA iceberg (when they changed the rules mid-stream), the HMS EU was going down.

Eliminating ways to hedge risk have ensured a catastrophe because now the only way to transfer risk to send it to the ECB or other super-sovereign, institutions that are singularly unsuited to the task.

By the stern or by the bow makes little difference to the passengers; it's just now there are fewer lifeboats.  If banker tries to get in your lifeboat, push him out.

Thu, 11/10/2011 - 08:59 | 1865331 lolmao500
lolmao500's picture

The scum running the EU are like jet pilots trying to save their plane while it's just impossible to do... they stay until the plane crashes and they die doing so.

Good crashing!

Thu, 11/10/2011 - 09:09 | 1865352 JPM Hater001
JPM Hater001's picture

I think a better example would be:
"As fighter jet crashes new pilot brought in as original pilot smart enough to get out and new one dumb enough to get in."

Thu, 11/10/2011 - 09:07 | 1865351 btechtrader
btechtrader's picture

He was educated at MIT so he must be qualified to run a country.

Thu, 11/10/2011 - 09:28 | 1865426 web bot
web bot's picture

Well that says a lot... most of the wizards who developed the algos on Wall Street come from this fine institution.

Thu, 11/10/2011 - 09:17 | 1865376 yogibear
yogibear's picture

The same group(s) of bankers/economist that fostered  the mess are called on to fix the problems. 

Thu, 11/10/2011 - 10:45 | 1865813 YesWeKahn
YesWeKahn's picture

We knew that the bankers own the world.The next US president could be Bernanke.

Thu, 11/10/2011 - 12:18 | 1866263 steadysteve
steadysteve's picture

So if the media diss him , is that a pap-smear?

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