Pasok Throws A Monkey Wrench Into Coalition Discussions

Tyler Durden's picture


As reported in the previous post, the Greek PASOK party of former PM G-Pap may have thrown a grenade into coalition discussion, following an announcement by Katerina Diamantopoulou that Pasok will not join into a coalition government with ND unless Syriza also joins said coalition. Which Syriza stated moments ago it would not do. The question then comes whether ND can form a government (150+ seats) with any of the other remaining parties (up to and including neo-nazi New Dawn or the communists... why is there no Pirate party in Greece?). The answer is most likely not, but not before some serious horse trading shows that the second Greek elections has achieved nothing, and the world now has to look forward to a 3rd Greek election round, some time in August, and then another, and then another, until no more assets are left to be plundered from the state which will have no head for a long time. Incidentally, just as we predicted on May 3 in "Previewing The First Of Many Greek Elections"

As summarized by Keep Talking Greece:

Next Question: What government?

  • PASOK official Anna Diamantopoulou said that PASOK would not join a coalition government without SYRIZA.
  • PASOK considers citizens have downvoted the party’s policies therefore it can not join a pure ND-PASOK government.


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Sun, 06/17/2012 - 14:40 | 2534454 The Monkey
The Monkey's picture

Maybe the rally will last a little bit, because we know both Pasok and Germany will yield.

Sun, 06/17/2012 - 14:45 | 2534470 financial apoca...
financial apocalyptic contagion's picture

3rd time's the charm!

Election time agn and we haven't even finished counting yet

Sun, 06/17/2012 - 14:45 | 2534477 wretch
wretch's picture

Fucking bullish.

Sun, 06/17/2012 - 16:13 | 2534706 Precious
Precious's picture

Socrates must be rolling over on Plato.

Sun, 06/17/2012 - 16:25 | 2534723 francis_sawyer
francis_sawyer's picture

 "I'm just the fly in the ointment Hans... the monkey in the wrench"

~ John McClane

Sun, 06/17/2012 - 17:21 | 2534782 Atlas_shrugging
Atlas_shrugging's picture

Why is there no Pirate Party in Greece?  Because all the plunderin' be done by Euro scallywags...arr

Sun, 06/17/2012 - 19:30 | 2535052 RiverRoad
RiverRoad's picture

So much for democracy; now we're into anarchy.

Sun, 06/17/2012 - 21:09 | 2535215 Drachma
Drachma's picture

They both knew the game well. Players to the core.

Sun, 06/17/2012 - 16:15 | 2534711 LowProfile
LowProfile's picture

Only if it means they won't print more EUR.

Sun, 06/17/2012 - 16:06 | 2534693 Gringo Viejo
Gringo Viejo's picture

I predict global banking interests win 51% of the vote.....regardless of who wins.

Sun, 06/17/2012 - 16:14 | 2534708 Zero Govt
Zero Govt's picture

which bankers puppet Party would you like to vote for Sir, this is a democracy afterall

Sun, 06/17/2012 - 21:05 | 2535209 Drachma
Drachma's picture



Quite beautiful really. The pinnacle of Hegelian dialectic. Oh the pageantry and theatrics that ensue, from the one source you never knew. And in the end you're far from then, and all you know is untrue.

Sun, 06/17/2012 - 15:04 | 2534541 Sudden Debt
Sudden Debt's picture

At least untill there's still money... Untill wednesday...
So if your paycheck doesn't arive early by than... You can wait a bit longer... Like... Forever...

Sun, 06/17/2012 - 16:01 | 2534684 vast-dom
vast-dom's picture

watch spanish bond yields go schizo and SP levitates. i can't stomach any more of these anti-market con games. every time there needs to be a reset since 2008 bad data comes in and all turns bullish. now greece can keep doing this knowing full well that no resolutions and no consensus is significantly more effective gambit. the patient refuses to take his medicine and yet somehow continues to live on, diseased, but still somewhow alive. fucking hopium miracles abound!

Sun, 06/17/2012 - 16:43 | 2534687 resurger
resurger's picture

Fuck em ' Let's wait for Benny and see what he says and go with the "Flow" VD

Sun, 06/17/2012 - 17:39 | 2534803 vast-dom
vast-dom's picture

the flow hasn't ceased for while now + zirp etc etc  the fed has broken the law and broken the markets simultaneously. like i wrote before: a "private" central bank with board elected by presidents, yet that isn't a public entity though has a dot gov url and derives profits from the treasury which is gov and pays out the gov and yet also manages to cntrl+p (which is not it's mandated function -- it's the treasury's) has basically destroyed the markets and perverted the interest rate such that it no longer functions as an interest rate, but, rather, as a big biz and big government (liquidity/debt/toxic derivatives/etc) subsidy rate and synthetic liquidity multiplier. thus this allows banks to no longer be in the banking biz! and those toxic derivatives and CDS's from said banks? well the fed bought not an insignificant amount of those to hide in their own shadow books! from corporate tax-payer saved shadow books to private/public central bank fed reserve shadow books!


the fact that even the profiteers and politicians aren't disgusted by all of this flagrancy is quite amazing and yet "never underestimate the greed of the other guy" -- these people are worse than drug dealers -- at least drug dealers don't pretend.....


i believe it was ford who said the the american populace knew how wall street operated there would be riots in the streets. well, today folks, enough of us ZH's know....yet the sheeple can't be bothered.......

Sun, 06/17/2012 - 15:27 | 2534600 GtownSLV
GtownSLV's picture

This is horrible for risk. No market crash means Ben's helicopter stays in the hanger and not much more he can say other than we're ready when the pain comes back. But here's the question, will the dope addicts of the World intentionally hurt themselves for their next FED\ECB hit?

Sun, 06/17/2012 - 15:58 | 2534677 DeadFred
DeadFred's picture

It's back to cash for me. With a bit of media spin and a hint of easing talk from the Fed the algos can run the new trend lines up to new highs. It can't last but I suspect we have a month or three of Market Madness coming to us. Patience all, the end is still coming.

Sun, 06/17/2012 - 21:26 | 2535235 The Monkey
The Monkey's picture

It might look bullish when ES is down another 40%.

Sun, 06/17/2012 - 14:41 | 2534455 It is a bargin ...
It is a bargin my friend's picture

God, its like waking at 2am with tooth ache, it will never go away no matter what you do

Sun, 06/17/2012 - 16:02 | 2534686 fuu
fuu's picture

Cloves in hot water, swish and spit.

Sun, 06/17/2012 - 16:37 | 2534739 Red Heeler
Red Heeler's picture

.357 to the temple, cock and squeeze.

Mon, 06/18/2012 - 10:23 | 2536142 fuu
fuu's picture

Seems excessive.

Sun, 06/17/2012 - 14:41 | 2534456 Ol Man
Ol Man's picture

The more things change...

...the more they stay the same...



Sun, 06/17/2012 - 14:45 | 2534471 wandstrasse
wandstrasse's picture

war is peace

freedom is slavery

ignorance is strength

Sun, 06/17/2012 - 15:05 | 2534547 Sudden Debt
Sudden Debt's picture

And silver is... Silver.

Sun, 06/17/2012 - 15:25 | 2534592 Alpacanio
Alpacanio's picture

Silver is a genteman's money.

Sun, 06/17/2012 - 15:54 | 2534660 falak pema
falak pema's picture

easily lost for love of lady.

Sun, 06/17/2012 - 14:42 | 2534459 SonOfSoros
SonOfSoros's picture

Thank god for the Greeks, entertaining the world with their comedy.

Pity they don't charge us for it. 

Sun, 06/17/2012 - 15:57 | 2534668 Turin Turambar
Turin Turambar's picture

"Pity they don't charge us for it."

Don't fret too much, we're all going to pay.

Sun, 06/17/2012 - 14:43 | 2534462 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

Someone just pull the plug already!


ND form a government with New Dawn? Seriously?

Sun, 06/17/2012 - 15:27 | 2534599 resurger
resurger's picture

Syriza is a fucking "BOSS"

if he joins ND ill be disappointed

Mon, 06/18/2012 - 00:18 | 2535444 John Wilmot
John Wilmot's picture

You do realize Syriza is not a person?

"...if HE joins..."

Anyway, Syriza is not a boss, just another shill party. This is all for show.

No political party will come to power in [insert EU country] unless it supports the basic programme of the eurocracy. Same here in the US with the Republicrats. All your parties are belong to us...doncha know.

Sun, 06/17/2012 - 14:43 | 2534464 TahoeBilly2012
TahoeBilly2012's picture

Muddle through starvation style, not much difference than here...

Sun, 06/17/2012 - 16:18 | 2534715 Zero Govt
Zero Govt's picture

actually the best result is no Govt is formed

Govt's destroyed Greece enough already, i've a feeling the electorate are voting tactically so no Govt can be formed!!

Zero Govt: the brightest policy from every angle for society

Sun, 06/17/2012 - 18:40 | 2534972 RECISION
RECISION's picture

As I recall... Belgium hasn't had a government for as long as most people can remember.  Doesn't seem to have mattered much.

Mon, 06/18/2012 - 00:21 | 2535449 John Wilmot
John Wilmot's picture

I'm not sure exactly how the system works in Greece or Belgium, but I'd imagine that in the absence of a government, the basic business of government (e.g. borrowing more money) still gets done, no? And the taxes still get collected? And the police still get paid to brutalize the people, etc?

If so, then, yea, who cares.

Sun, 06/17/2012 - 14:44 | 2534466 El
El's picture

Wait a minute... if ND can't form a coalition, doesn't Syriza get a chance to then try and form one? I may be confused, but I thought that was the process the last time around.

Sun, 06/17/2012 - 14:46 | 2534479 aleph0
aleph0's picture

.... in 3 days IIRC

Sun, 06/17/2012 - 17:43 | 2534808 edotabin
edotabin's picture

Short answer: Yes.

Longer answer:  Greece is fucked one way or the other. People like Tsipras (left-wing Syriza Party) are better off sitting on the sidelines and screaming than actually having the responsibility on their shoulders. Had he been elected, his political career would be over in abut 6 months when everyone realized (including himself) that he couldn't do squat. The only reason a ND government may be better than the leftists is because there is greater chance for some type of flexibility on behalf of Europe.  No matter what the leftists say about renegotiation etc.,  it is the exact opposite that holds true. If anyone can do it, it is those that are the "sure bets": ND, Pasok etc. The left would push much harder and be met with much less good will.  Judging from the way the Greeks have "run" and managed things until now, it is not odd to place very low chances of success if they had tried to go it alone.

All this having been said, if they can't save Spain and Italy, Greece no longer matters. We are probably discussing a moot point.

Sun, 06/17/2012 - 17:43 | 2534836 Bag Of Meat
Bag Of Meat's picture

they do get the chance but with KKE not joining any government, and golden dawn and Independent Greeks not considered for a coalition, syriza cant get enough percentage to govern

Sun, 06/17/2012 - 17:47 | 2534847 edotabin
edotabin's picture

While I do see a new day dawning, it is definitely not golden.

Mon, 06/18/2012 - 06:17 | 2535717 zuuuueri
zuuuueri's picture

golden dawn are a peculiar kind of clown. i think it's good that they're in parliament, though - another joker in the deck. KKE has been the same kind of crackpot in the house for decades.

Sun, 06/17/2012 - 14:46 | 2534480 RobotTrader
RobotTrader's picture

The S & P 500 has rallied 14 times off the "Greece Fears"

This time will make it 15.

Sun, 06/17/2012 - 14:55 | 2534508 Conman
Conman's picture

And how many times did it sell off on greece fears?

Sun, 06/17/2012 - 15:35 | 2534618 garypaul
garypaul's picture

Well it would bounce right back up the next day, so it didn't really sell off AT ALL did it?

Sun, 06/17/2012 - 15:33 | 2534614 resurger
resurger's picture

ahhh. An ND fucker

Sun, 06/17/2012 - 14:47 | 2534486 El
El's picture

The official projection figures for the election have now been announced by Greece's interior ministry. Greek pollster, Marika Lambrou, said this:

There will be seven parties in the next parliament, as was the case on 6 May. There will be no upset in the order of the parties but there has been a "considerable increase" in the number of votes for the two leading parties.

New Democracy will receive 29.53% of the vote, equivalent to 128 seats.
Syriza will receive 27.12% – 72 seats.
Pasok will receive 12.2% – 23 seats.
Independent Greeks will receive 7.56% – 20 seats.
Golden Dawn will receive 6.95% – 18 seats.
Democratic Left will receive 6.23% – 17 seats.
Greek Communist Party will receive 4.47% – 12 seats.

Lambrou said that the figures were unlikely to change but there would be continual flow of results as they arrive.

No other parties gained the 3% threshold needed to enter parliament.

Sun, 06/17/2012 - 14:50 | 2534495 The Monkey
The Monkey's picture

Wow. As anticipated by the markets. Next up, the Fed.

Sun, 06/17/2012 - 17:23 | 2534786 slewie the pi-rat
slewie the pi-rat's picture

thxz El!

antonioSam + gPap (V-man)?

128 + 23= 151 [bacardi bingo, BiCheZ!]

who coulda node?  the EU better be careful:   gPap looks pretty handy w/ that filet knife to slewie...

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