The fake "union and the enpty tresure chest - 
Mr Papandreou announced a confidence vote in parliament for tomorrow where he would test his very thin majority. In Brussels, the deal had been hailed a breakthrough for Greece: banks holding Greek bonds would take a “haircut” wiping out half the amount they are owed. The EU and the International Monetary Fund would pump more money into the Greek economy. And the Greeks would cut back their public spending still further, meaning real pain for public sector workers, pensioners and the rest. Last week, polls showed that around six in 10 Greeks thought the bail-out deal was a bad idea. On the other side of the ledger, around seven in 10 said they wanted to remain in the euro zone. The degree of linkage that exists between the bail-out package and euro membership would play a pivotal role in the drama that followed. To say that Mr Papandreou’s move was a surprise is an understatement. No one beyond his inner circle knew of his plan. Neither the Greek cabinet nor other EU leaders had been informed. David Cameron learnt of the move from a television news report. George Osborne got the news from the financial news wires. It sounds to me as a bad movie script...politics?...blahhhh...Euro has to go, that's clear, and the "fake" union" as well!!
Mr Papandreou announced a confidence vote in parliament for tomorrow where he would test his very thin majority. In Brussels, the deal had been hailed a breakthrough for Greece: banks holding Greek bonds would take a “haircut” wiping out half the amount they are owed. The EU and the International Monetary Fund would pump more money into the Greek economy. And the Greeks would cut back their public spending still further, meaning real pain for public sector workers, pensioners and the rest. Last week, polls showed that around six in 10 Greeks thought the bail-out deal was a bad idea. On the other side of the ledger, around seven in 10 said they wanted to remain in the euro zone. The degree of linkage that exists between the bail-out package and euro membership would play a pivotal role in the drama that followed. To say that Mr Papandreou’s move was a surprise is an understatement. No one beyond his inner circle knew of his plan. Neither the Greek cabinet nor other EU leaders had been informed. David Cameron learnt of the move from a television news report. George Osborne got the news from the financial news wires. It sounds to me as a bad movie script...politics?...blahhhh...Euro has to go, that's clear, and the "fake" union" as well!!
5 comments:
The summit host, Nicolas Sarkozy, took credit for changing sentiment in Greece, saying "the message addressed to the whole Greek political class by France and Germany" had focused minds. "Things are progressing," the French president added. "We have said clearly that we want Greece to stay in the euro, but we cannot wish for this if she does not want it herself. We have to defend the currency ... we cannot accept the breakup of the euro. That would mean the breakup of Europe."
He said the Greek opposition's decision to support the 27 October bailout package was an important development and "courageous". Sarkozy said Greece was an independent, free country and in no case could other countries interfere. But he added that his duty was to protect Europe and the euro
Athens Stocks Driven By Political Developments
Recent political developments in Greece dictated the course of Athens market, which recorded extreme fluctuations and increased trading activity. The General Index closed at 759.5 units with a rise of 1.86%, while banks gained 8.68%, after large fluctuations.
Neither Resignation Nor Referendum
Greek PM George Papandreou is not willing to resign, the government spokesman said.
08.35 Bruno Waterfield, the Telegraph's tireless Brussels correspondent, has put together a Q&A on what Greece faces next and what it all means for the eurozone and the wider EU.
It's extremely comprehensive but here's a snippet:
What does the EU want?
Related Links
You might like:Greek George is crazy but his madness still reveals an ugly truth01 Nov 2011(Telegraph Finance)Greece to hold referendum on EU debt deal01 Oct 2011(Telegraph Finance)Italy a bigger threat to UK than Greece, warns FSA chairman Lord Turner01 Nov 2011(Telegraph Finance)
From the WebFORM THE WEB:Prophet Economist Issues Eerie Warning. Disturbing Charts Expose The Unthinkable.25 Jul 2011(Newsmax.com)5 options to morphing debit card rewards10 Oct 2011(Bankrate.com)How to Leave a Job Without Making Enemies01 Dec 1969(LearnVest)[what's this]
The EU wants the end of any suggestion that voters, especially in Greece, would be able to unpick decisions taken to uphold the common good of eurozone financial stability. Mr Papandreou has committed the cardinal sin of letting the genie of a popular vote out of the bottle. Getting rid of the Greek leader will be easier than getting it back in again as calls for referenda spread across the EU
Greece faces the “real danger” of a disorderly default, which raises the specter of a run on banks in other countries, billionaire investor George Soros said.
Any Greek debt reduction “must be done in an orderly manner” and authorities need to ensure that Greek banks are “kept alive” and deposits are safe, Soros said in a speech in Budapest Thursday.
“There’s a real danger of a disorderly default,” Soros said. “I’m not at all sure it’ll happen, but it’s a real danger.” Without support for the lenders, “you’re liable to have a run on the banks in other countries as well. That’s the danger of a meltdown.”
European leaders are grappling to keep Greek’s debt crisis from spreading to other countries like Spain or Italy. European authorities should use their rescue fund to buy Greek government bonds from the European Central Bank and the International Monetary Fund to give Greece a chance to “work its way out” of the crisis, Soros said.
A proposed 50 percent voluntary haircut on Greek debt by private investors, which would reduce the country’s overall debt burden by 20 percent, “isn’t enough,” according to Soros.
European leaders should also have used the EFSF to guarantee the banking system against failure in exchange for a pledge from lenders that they would maintain their portfolios and credit lines, Soros said.
Italy and Spain should be encouraged to issue Treasury bills and spur banks to hold their liquidity in this short-term debt, which they can sell to the ECB any time, he added.
“Europe is right now at the crisis point and the authorities are doing too little and too late,” Soros said, adding that “they can still get it right.”
Soros, 81, best known for breaking the Bank of England, said the “euro is here to stay” as “you can’t unscramble the omelette.”
Speaking as world leaders debated the crisis amid continuing turmoil in Greece, he warned a Greek exit from the euro would be "pretty traumatic" and called on the countries which use the single currency to "face up to their responsibilities" and ensure a solution was found.
The final details of a boost to funds available to the IMF for loans to support countries at risk of economic collapse - likely to mean an increase in the UK's £29 billion commitment, are being thrashed out at the G20 summit in Cannes, France.
Although officials have stressed that IMF resources are available to member nations around the world, the Government is likely to face political controversy at home if the first countries to stake a claim on the money are beleaguered eurozone states like Italy or Spain.
Pressed on how much extra the UK might put into the IMF, Mr Osborne said no firm figure had been agreed but complained that media coverage of the issue suggested Britain was acting alone in devoting more money to the potential bailout funds.
Speaking from Cannes, he told BBC Radio 4's Today programme: "I am not suggesting that Britain should contribute disproportionately, out of kilter with the kind of contributions it has made in the past to supporting the IMF and the international institutions.
Post a Comment