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Papandreou Planning Retirement, FT Deutschland Reports

Tyler Durden's picture


According to the German edition of the FT, G-Pap is once again using the R-card (that would be resigning-cum-retiring) - the last time he did this was back in early July when he had to persuade the government to vote for the July 21 Greek bailout #2. He was bluffing then. He is likely bluffing now, although if he isn't, it means game over for Greece and probably for the European dream, not to mention united currency. From FT: "[G-Pap] has been trying for months to keep his country from bankruptcy - Tens of thousands of Greeks are against the austerity policies of the government on the barricades. No wonder the prime minister is thinking of throwing the rocks." Since this is google translation, we assume "throwing rocks" is loosely translated as getting the f#*$ out of Dodge while the getting is good, while the private jet still has fuel and while the gold is still in the cargo hold.

From FT:

The Greek Prime Minister George Papandreou has information to the Financial Times Germany over the past three weeks, twice spoken with confidants about his resignation. Both times he had "offered his resignation" - and then gone on but it said in the context of Papandreou. The head of government of the ordeal hold between the protests of their own people against the austerity program, on the one hand and the requirements of EU and International Monetary Fund (IMF) on the other was not long. Papandreou was feeling powerless, an insider said: "Greece decides on anything."


One of the prime minister's resignation amid the duration of negotiations for new tools and during the enforcement of tens of thousands of job cuts in public services would be a "disaster," said the insider. "But when fatigue has set itself the office only once in his head, he will sooner or later step to do." A government spokesman denied any intention to resign: "The information you receive is nonsense."


A resignation of Papandreou would likely lead to quick elections, the opposition calls for months. Opposition leader Antonis Samaras has already made it clear that he wants to renegotiate contracts with the EU and IMF. Therefore, the elections increased uncertainty in financial markets with a view of Greece and Europe.


Papandreou had until the middle of last week in Germany "more respect" calls for its reform efforts. Back in June he had offered his resignation even indirectly, if this would have made an agreement with Samaras.

If there was one piece of bad news that Europe could do without, this is it. What next, nobody knows.

h/t @LISwires


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Mon, 10/03/2011 - 15:51 | 1734247 GoldmanSux
GoldmanSux's picture

He's got a new gig at Goldman.

Mon, 10/03/2011 - 15:58 | 1734284 Mister Ponzi
Mister Ponzi's picture

If he had really planned to retire, he wouldn't have pushed the cuts in retirement payments through parliament...

Mon, 10/03/2011 - 16:19 | 1734365 Spirit Of Truth
Spirit Of Truth's picture

Is it his 58th birthday soon?

Mon, 10/03/2011 - 16:35 | 1734465 tekhneek
tekhneek's picture

Greece's 1YR @ 128%!!!!!!!!!!!!!!!!!!!!!!!

I'm going to be rich!!!!!!!

Mon, 10/03/2011 - 15:51 | 1734250 achmachat
achmachat's picture

maybe he thinks that there's been too many G-pap-smear campaigns against him?

Mon, 10/03/2011 - 16:09 | 1734320 redpill
redpill's picture

Well the Greek bond market has been a very dark place, and every dark place needs a good Pap smear now and then.

Mon, 10/03/2011 - 16:17 | 1734354 Ancona
Ancona's picture

Nice. I wonder how the European markets will react to this rumor.

Mon, 10/03/2011 - 16:46 | 1734446 redpill
redpill's picture

One replacement they are considering is former cabinet minister George Spotsandreau who is now somewhere on vacation, so if he returns to Greece as the new leader we'd go from the G-Pap smears to the new G-Spot, something widely seen as preferable.  Due to his vacation, G-Spot may be hard to find, but most Greeks feel the search is worthwhile.

Mon, 10/03/2011 - 15:51 | 1734251 falak pema
falak pema's picture

good riddance of useless Oligarch.

Mon, 10/03/2011 - 21:33 | 1735456 edotabin
edotabin's picture

Only to be replaced by another.

Mon, 10/03/2011 - 15:52 | 1734254 Seasmoke
Seasmoke's picture

Obama next ?

Mon, 10/03/2011 - 16:29 | 1734432 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Obama would love to resign, but then Michelle wouldn't be able to spend tax payers monie anymore, and we all know who wears the pants in that relationship.

Mon, 10/03/2011 - 15:52 | 1734255 The Axe
The Axe's picture

He is taking the post as the new CEO of AMR....

Mon, 10/03/2011 - 15:52 | 1734257 The4thStooge
The4thStooge's picture

good riddance

Mon, 10/03/2011 - 16:34 | 1734461 Id fight Gandhi
Id fight Gandhi's picture

Sure, but if hes walking with a pension fuck that.

Greece is falling apart and they need confidence, so someone should have been brought in, held up as his replacement and discussed.

He sounds like he's just jumping ship and leaving the country.

Mon, 10/03/2011 - 15:53 | 1734258 johngaltfla
johngaltfla's picture

See, pigs do fly.

Mon, 10/03/2011 - 15:53 | 1734259 SheepDog-One
SheepDog-One's picture

'Retiring' yea sure, more like finalizing plans to head to the underground bunker.

Mon, 10/03/2011 - 15:53 | 1734261 mfoste1
mfoste1's picture

They ALL should retire......

Mon, 10/03/2011 - 15:53 | 1734263 Saxxon
Saxxon's picture

Lapdog of the lamprey international banking system.

Mon, 10/03/2011 - 15:57 | 1734272 hedgeless_horseman
hedgeless_horseman's picture

Looking at that THC short from February, DOWN -11% today and -45% since my first post, many others may soon contemplate retirement.


Mon, 10/03/2011 - 15:58 | 1734283 Hearst
Hearst's picture

Heh, when I hear THC I only think of one thing.  And it's not what you're talking about.

Mon, 10/03/2011 - 16:11 | 1734300 hedgeless_horseman
hedgeless_horseman's picture

I meant down 13% today...and still mostly the same excellent management team. 


Mon, 10/03/2011 - 16:28 | 1734416 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

They must not be managing the rise in silver costs very well.

Mon, 10/03/2011 - 16:35 | 1734464 SteveNYC
SteveNYC's picture

That one slipped over a few heads.....not mine!

Mon, 10/03/2011 - 16:43 | 1734507 George the baby...
George the baby crusher's picture

Apparently it's quiet the cure for cancer this THC.  And apparently a rather fun recreational substance.  Or so I've been told!

Mon, 10/03/2011 - 15:55 | 1734273 SheepDog-One
SheepDog-One's picture

That translation may be off about the 'throwing of rocks'...I think the proper translation to Greek is 'molotov cocktails'.

Mon, 10/03/2011 - 16:20 | 1734373 slewie the pi-rat
slewie the pi-rat's picture

i think g-pap meant resign so he could join them on the barricades, throwing rocks! 


Mon, 10/03/2011 - 15:56 | 1734276 adr
adr's picture

Which drop of the market did this rumor cause, or which blip up did this rumor cause?

I don't know but the market has gone wacky. It is so amazing that 50 point two minute moves in the Dow now look small. Remember when the market would go up by 10 points in a day and that was considered a big move.

The amn S&P just won't break 1100. You could saw through a Sequoia in ten seconds flat with a sawblade shaped like the chart today.

Mon, 10/03/2011 - 15:56 | 1734277 PulauHantu29
PulauHantu29's picture

Jerry Springer might sign G-pap and DSK up for a show...should be fun if they throw in a German and a 'True Finn' same-time::))

Mon, 10/03/2011 - 15:58 | 1734280 Fips_OnTheSpot
Fips_OnTheSpot's picture

'throwing the rocks' should be translated like "capitulation" / "abandon the whole sh1t"

Mon, 10/03/2011 - 16:51 | 1734549 zorba THE GREEK
zorba THE GREEK's picture

Maybe they meant getting his rocks off.

Mon, 10/03/2011 - 17:17 | 1734657 fockewulf190
fockewulf190's picture

Better translation would be "throwing in the towel".

Mon, 10/03/2011 - 15:58 | 1734285 HardlyZero
HardlyZero's picture

DSK tagteam ?

They would be a powerhouse against their "old team"...the IMF and World Bank.

They would be... unflappable...

Mon, 10/03/2011 - 15:58 | 1734287 Ag1761
Ag1761's picture

Maybe he has all his money in Bank of America and because he only has an online account and he has no annual leave left to take then it's early retirement (excuse the pun when refering to a Greek citizen and early retirement) so he can nip across to NY and attend a branch in person and try and get some out before it goes under.


Mon, 10/03/2011 - 16:00 | 1734294 DonBadajoz
DonBadajoz's picture

Run little rabbit, run......

Mon, 10/03/2011 - 16:02 | 1734295 Porkbellytrader
Porkbellytrader's picture

He is returning home to his native Minnesota, to help Gov Mark Dayton form a perfect socialist state.

Mon, 10/03/2011 - 19:04 | 1734966 Calmyourself
Calmyourself's picture

I'll warm up the tar..

Mon, 10/03/2011 - 16:02 | 1734298 chet
chet's picture

S&P breaking 1100 into the tape.

Mon, 10/03/2011 - 16:03 | 1734299 sulfur
sulfur's picture

lol just read the article and they really just wrote throw the rocks in german die Brocken hinzuschmeissen which actually nobody would say in germany...fucking propaganda press

Mon, 10/03/2011 - 16:04 | 1734306 Fips_OnTheSpot
Fips_OnTheSpot's picture

"Brocken (oder Bettel) hinschmeissen" is quite a common saying in southern germany

Mon, 10/03/2011 - 16:03 | 1734303 adr
adr's picture

1099.17 it almost made it back up to 1100 before the close. The Dow lost over 100 points in ten minutes after gaining 60 points ten minutes before. Some algo made someone a lot of money or lost them a lot of money.

Mon, 10/03/2011 - 16:06 | 1734310 SheepDog-One
SheepDog-One's picture

You ever notice when markets are up its usually due to 'financials leading the way'...?

So why is it today when most financials are down around -7% avg, the markets are only down 1.5%?

<sarc> yes I know the answer is because its all fake, and pointless to even pay much attention to the clownshow. Its all goin down, survival of the fitness, boys!

TRAILER PARK BOYS "Survival of the fitness" - YouTube

Mon, 10/03/2011 - 16:05 | 1734311 LMAO
LMAO's picture

Papandreou Planning Retirement,

...aaaaand deservedly so, according to the Hellenic bureau of labor statistics he was eligible 30 years ago.


Mon, 10/03/2011 - 16:07 | 1734314 sabra1
sabra1's picture

aren't you supposed to play with your rocks, before throwing them?

Mon, 10/03/2011 - 16:10 | 1734318 s2man
s2man's picture

Perhaps `throwing the rocks` means to jump off a cliff, i.e.  throw yourself on the rocks.

I like the Japanese version better; Cut your belly and die.

Mon, 10/03/2011 - 16:08 | 1734319 bill1102inf
bill1102inf's picture

HOLY MFER!!!!! Netflix 300 down to almost 100 !!!!  WTF!? cant believe i missed trading that clusterfuck

Mon, 10/03/2011 - 16:13 | 1734339 SheepDog-One
SheepDog-One's picture

All the mighty 100 P/E bubbles are about to pop, its the raping of the 401K/pension bathrobe brigades. Those people will soon be rioting over their -60% statements in the mail....and OH BOY just wait till the 'Uber Clowngress' cuts a few hundred $billion from welfare, food stamps, and unemployment this will be epic scenes all over this country I hope youre all prepared for it best as possible.

Mon, 10/03/2011 - 16:30 | 1734399 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Where is the President's Working Group on Financial Markets to support the fiat ponzi?  It is obvious they leased massive gold at $1900; they have the cash.  Where is Bernanke the Benevolent?

Mon, 10/03/2011 - 16:36 | 1734470 SheepDog-One
SheepDog-One's picture

I dont know who it is putting up all this money for the banking cabal to immediately take it from them time after time.

Mon, 10/03/2011 - 16:11 | 1734327 dwdollar
dwdollar's picture

Is the BofA website fully functional yet? I see their home page is up. Oops, nevermind. It's down again.

Mon, 10/03/2011 - 16:11 | 1734333 Fate
Fate's picture

The way things are going, I'm never going to get to throw the rocks.

Mon, 10/03/2011 - 16:14 | 1734344 Josh Randall
Josh Randall's picture

Lifeboats..get your Lifeboats here....

Mon, 10/03/2011 - 16:18 | 1734357 Instant Wealth
Instant Wealth's picture

Opposition leader Antonis Samaras has already made it clear that he wants to renegotiate contracts with the EU and IMF.

hehe .. greek jokes .. funny

Mon, 10/03/2011 - 16:19 | 1734363 Tom_333
Tom_333's picture

I wish it was true..However I am beginning to feel less confident about the uber-confident statements re. the imminent demise of the Eurozone and Festung Europa. Unfortunately we have been through things like Verdun,Somme,Paschaendale,Dresden,Kursk,Stalingrad and Berlin just to mention a few of them.Things that the experiences of non-Europeans do not even come close to. I fear this will be a bigger and bloodier mess than common sense would indicate.

Mon, 10/03/2011 - 16:43 | 1734509 slackrabbit
slackrabbit's picture

We all knew. But at least the bs waiting is over.

Who knows...'maybe this time it will be different' .....:|

Mon, 10/03/2011 - 16:19 | 1734364 Eagle Keeper
Eagle Keeper's picture

G-Pap just wants to lock in that gold plated pension before they restructure it....

Mon, 10/03/2011 - 16:21 | 1734376 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Smell that?  That is the smell of victory.  It is wafting through the air.  Time to go for the jugular.  Buy the rest of the silver bullion on market.  Leave them with nothing to leverage their fiat ponzi with. 

Mon, 10/03/2011 - 16:22 | 1734381 SheepDog-One
SheepDog-One's picture

Sourpuss faces all over CNBC....AWW dont be so down little Wall St whores! Theres always tomorrow! Probably wont be any better than today, but for tonite you all go enjoy your cocktail parties and lobster thermadore until the country implodes.

Mon, 10/03/2011 - 16:25 | 1734404 Instant Wealth
Instant Wealth's picture

... and, of course, we did close OFF THE LOWS, didn´t we ?

Mon, 10/03/2011 - 16:24 | 1734403 toady
toady's picture

Like my momma always said;

Git while the gitin's good.

If he gets out in the next few days he can become the 'government in exile' while that shit falls apart.

Of course, full access to all remaining finances will allow for a nice villa on a hill somewhere.

Yep, get on that gulfstream full of gold while the gitin's good!

Mon, 10/03/2011 - 16:25 | 1734409 stant
stant's picture

bravly fled and he bravly ran[ did not] brave sir g-pop

Mon, 10/03/2011 - 16:33 | 1734453 americanspirit
americanspirit's picture

Just a rumor - a Pap Smear, if you like.

Mon, 10/03/2011 - 16:38 | 1734483 Vinz Klortho
Vinz Klortho's picture

Dammit Hot Lips! Resign your goddamn commission for all I care!


Mon, 10/03/2011 - 16:38 | 1734484 Vinz Klortho
Vinz Klortho's picture

Dammit Hot Lips! Resign your goddamn commission for all I care!


Mon, 10/03/2011 - 16:39 | 1734490 slackrabbit
slackrabbit's picture

You can bluff once, but I dont think twice. He's either heading for a lifeboat or suffering from IDontGiveAFuckalitis.

Mon, 10/03/2011 - 16:43 | 1734510 Christoph830
Christoph830's picture

And here.....we......GO

Mon, 10/03/2011 - 16:51 | 1734548 clagr
clagr's picture

It is obvious that the ECU should buy the Greek bonds (and their CDS positions) at current market (i.e., current haircut) that are held by EU member banks. Then not fund any more tranches to Greece. Let all the chips fall where they may.

This is their cheapest way out of the current mess. Giving more money to Greece isn't.

Mon, 10/03/2011 - 17:49 | 1734769 YHC-FTSE
YHC-FTSE's picture

Papandreou already led the way with his CDS holdings at IJ Partners, probably sold for a huge profit to cover his tracks. Why buy Greek bonds at all? Just buy the CDS. The issuing guarantors, BAC and AIG among others, are going to be wiped out when Greece defaults. 


Whatever happened to the lawsuits and arresting G-Pap for treason? 

Mon, 10/03/2011 - 17:53 | 1734786 redpill
redpill's picture

I think they granted him immunity because according to official records, he was the only Greek citizen who actually paid taxes in 1998.

Mon, 10/03/2011 - 18:06 | 1734836 MS7
MS7's picture

Wage and salaried workers pay their taxes, as they are automatically deducted. Certain categories of self-employed professionals are known to lie about their income, and the very wealthy have ways of tax evasion. But the crisis in Greece was caused by a corrupt government. The stereotypes about Greek people, promoted by the government, are the shiny objects designed to distract people from the fact that the government committed the crimes and is now in charge of "fixing" the country by taking its wealth and handing it to the bankers.

Mon, 10/03/2011 - 18:01 | 1734820 MS7
MS7's picture

The last I heard, there was one suit brought by a doctor against all the members in Parliament and G-Pap for treason. It went through various stages, and to a high court, and then it recently went back to Parliament where at least 30 members of Parliament must vote in favor of it for it (an investigation? trial?) to proceed. I don't know how likely it is that people in Parliament will find themselves guilty of treason.

I don't have a handle on how the justice system works or does not work. It seems to be a black hole, or a devil's triangle, where lawsuits go in, and are never heard from again.

Recently there was a potentially huge scandal when a former member of the statistics service alleged that the 2009 deficit was artificially inflated by G-Pap's government to justify austerity. Again, this matter is being investigated. Will this matter also disappear? I would think people would want to know the answer to this.

Finally, there is a German publication, Stern I believe, that is looking into the accusations against G-Pap or his government regarding the sale of the CDS.

Sorry if this is TMI. As you can tell, I really want to know the answers to these questions and it is troubling that there is never any conclusion.

Mon, 10/03/2011 - 16:56 | 1734570 Lord Welligton
Lord Welligton's picture

"throwing rocks" ......

Perhaps "throwing rocks in the dark" .... ???

In other words a pointless exercise.

Mon, 10/03/2011 - 17:50 | 1734778 MS7
MS7's picture

Yes, this is a bluff. The troika will not let him go. He is a total servant of the troika and the European project/dream. He has very little connection to Greece, being only half Greek himself, and having been born and educated in the US. He seems to be in full agreement with the plan to use Greece as a guinea pig for whatever economic "theories" the EC comes up with and to sell exploration for gas and oil and other rights as well as land and other assets for pennies.

He himself would never leave willingly until he got the job done and was assured protection by his foreign buddies. If he left now, he would have to face the wrath of the public with less police protection, I am guessing, than he has now. Noooo, that does not sound good.

Mon, 10/03/2011 - 18:49 | 1734925 drider
drider's picture

You forgot to mention one of the most crucial reasons that prevent his departure: the increasing influence of the communist party.

The "bourgeois" parties in Greece can not any longer contain or redirect public frustation and anger away from the Greek elite class and towards troika, Germans or whatever; on the other hand the communist party is well organized and is preparing for a long stand-off.

Will Greece be the spark that lights up the whole continent? For sure we have interesting times ahead of us...

Mon, 10/03/2011 - 18:34 | 1734882 CPL
CPL's picture

Who's going to pay that pension is my first Question?


Isn't austerity evenily divided in his pseudo-civil servant guise?

Mon, 10/03/2011 - 18:46 | 1734915 LookingWithAmazement
LookingWithAmazement's picture

Greece default is widely expected and therefore anticipated. No Armageddon, but a relief rally then.

Mon, 10/03/2011 - 18:56 | 1734944 zorba THE GREEK
zorba THE GREEK's picture

Greek default sets off CDS chain of events. We will have to wait for dust to settle to see who the big

winners and losers are.

Mon, 10/03/2011 - 19:26 | 1735049 Coldfire
Coldfire's picture

[G-Pap] has been trying for months to keep his country from bankruptcy...

...after years of trying to put his country into bankruptcy.

Mon, 10/03/2011 - 23:12 | 1735777 davepowers
davepowers's picture

"throwing the rocks"


the scary thing is that google translations are far more entertaining than 99% of what one reads on the net

who writes that stuff? :)


Tue, 10/04/2011 - 05:54 | 1736291 malamasa
malamasa's picture

He wants to retire order his brother to gain from Greek default (guy he owns massive CDS ).....

not bad at all!!!

Wed, 10/12/2011 - 14:31 | 1766602 karmete
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