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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GoldmanSux's picture

He's got a new gig at Goldman.

Mister Ponzi's picture

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

Spirit Of Truth's picture

Is it his 58th birthday soon?

tekhneek's picture

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

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

achmachat's picture

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

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.

Ancona's picture

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

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.

falak pema's picture

good riddance of useless Oligarch.

edotabin's picture

Only to be replaced by another.

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.

The Axe's picture

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

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.

johngaltfla's picture

See, pigs do fly.

SheepDog-One's picture

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

mfoste1's picture

They ALL should retire......

Saxxon's picture

Lapdog of the lamprey international banking system.

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.


Hearst's picture

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

hedgeless_horseman's picture

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


Mr Lennon Hendrix's picture

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

SteveNYC's picture

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

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!

SheepDog-One's picture

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

slewie the pi-rat's picture

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


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.

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::))

Fips_OnTheSpot's picture

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

zorba THE GREEK's picture

Maybe they meant getting his rocks off.

fockewulf190's picture

Better translation would be "throwing in the towel".

HardlyZero's picture

DSK tagteam ?

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

They would be... unflappable...

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.


DonBadajoz's picture

Run little rabbit, run......

Porkbellytrader's picture

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

chet's picture

S&P breaking 1100 into the tape.

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

Fips_OnTheSpot's picture

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

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.

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

LMAO's picture

Papandreou Planning Retirement,

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


sabra1's picture

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

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.

bill1102inf's picture

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

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.

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?

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.

dwdollar's picture

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