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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” [...] This is the key to the eurozone mess: will Greece be able to shore up its finances and balance its budget by cutting spending and raising revenue, or not? The answer today is: apparently not: Greece’s budget deficit for the first nine months of 2011 widened 15.1% from a year earlier, as revenues continued to [...] 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” [...] The recent G20 meeting in Toronto came out with a joint statement endorsing “balanced and sustainable” growth for its members. It was one of those statements that are created by committees to placate all participants and don’t really amount to anything. In this case, no meaningful agreements came out of the G20 meetings. Each government [...] |
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