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This is a beautiful picture if you are Greek. In a break with a legacy of long-standing rivalry, Greece’s ruling Socialists and opposition conservatives agreed to form a unity government Sunday after a week of political turmoil that threatened to push the country into bankruptcy and out of Europe’s single currency. Under the agreement, [...] As I discussed before in “Curious, Duplicitous George,” it’s all about politics for George Papandreou. That is, he is a politician and they tend to want to hold on to power. Papandreou’s socialist PASOK party leads a tenuous coalition which started to unravel after he made the deal with the eurozone leaders on a bailout package for [...] The Wall Street Journal is reporting tonight that the EU leaders are giving Greece an ultimatum on their continued membership in the EMU. Do they want to dump the euro and go their own way? This is evidence of the fury created by George Papandreou by his deceitful actions. “Does Greece want to remain part [...] Everyone in Europe hates George Papandreou. Even more now that he has put the entire financial workout structure for the eurozone up for a referendum to Greek voters. If it doesn’t pass on Friday, then find shelter because the market reaction will be violent. Let’s face it, everyone in Europe hates each other. Maybe “hate” [...] “70,000 Greeks Protest Cuts, Clash With Police” The above is the Bloomberg headline for Greece today as the unions called for massive, countrywide strikes to shut down the country in protest of further austerity cuts by the government. The Wall Street Journal is reporting that there are 100,000 protesters. The parliament has to vote on further [...] Greece’s government Sunday acknowledged that it will miss its deficit target this year, as it moved ahead with a controversial plan to slash thousands of public-sector jobs to meet the demands of its international creditors. “I want to repeat that we will be unswerving in our goal: to fulfill all that we have promised [...] Reuters has an excellent summary of the issues the eurozone faces with Greece (Hat tip Zero Hedge). Today at 1:00 p.m. PDT (5:00 eastern) PM George Papandreou faces a no-confidence vote in parliament. It is going to be significant either way. WHAT’S NEXT? * Confidence vote in Greek parliament at 2100 GMT * Representatives from “troika” [...] Socialist George Papandreou This is another sad tale of shooting the messenger. Without fail, governments always blame speculators for their economic woes. I can’t think of a time when that has not occurred. In fact our own government is engaging in the same thing. Speculators are called “wolves,” “jackals,” “parasites,” and even “capitalists” [...] |
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