Wednesday, November 02, 2011

Real Mess Defined: Greece November 2, 2011

Sometimes things happen that cause one to shake his head for a day. This event is causing many to shake their heads for longer. What on earth was the Prime Minister of Greece trying to do? If you can figure it out after reading this account, do let the rest of us know.

And by the way, watch out -- it's not over yet and the outcome may very well affect your future, big time.

Greek government teeters on brink | Economy | News | Financial Post

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1 comment:

  1. Okay, someone did answer my question as to why Papandreou is making these moves. The answer came in the form of an email from the BNN this morning. Here's what they said:

    Papandreou's gamble
    The chase by Marty Cej:

    . . . The analysts at Stratfor, for example, are telling clients that whatever Europe (nee Germany) does, "three things are all but inevitable: an Italian bailout, a European banking crisis, and a Greek default. Any one outcome will likely trigger the other two." The leaders of the G20 nations, who are en route to Cannes right now for the weekend summit, would disagree with Stratfor's conclusions and will do what they can to prevent those outcomes. Whether they will be able to do it in the absence of support from the Greek government or the Greek people, will be the real challenge.

    Just how tough has Papandreou made things? The European Financial Stability Facility is delaying its 3 billion-euro bond sale "due to market conditions," spokesman Christof Roche said today.

    Much of the criticism of Papandreou's move to call first a confidence vote and then a referendum on the terms of Europe's bailout package of Greece appears to stem from the assumption that he is motivated by the greater good, which in this case means a more stable, economically-integrated euro-zone, the prevention of the sovereign debt crisis spreading to Italy and a functioning banking industry. Some might argue, however, that he is motivated by the same desires as any other political leader, that is, to remain a political leader. BMO Capital Markets characterized Papandreou's announcement as one of the "all-time bonehead moves," but it's only a bonehead move if you assume he as erred in a grand ambition for a better Europe. Can anyone name a populist president, prime minister, senator or governor who would not launch an appeal to the vox populi when in grave political straits? By putting the decision of the bailout package to a referendum, Papandreou shifts responsibility and demonstrates his democratic cred. If the referendum results in a "no" vote, he will send his apologies to Berlin and Brussels and set out about leading his country into a freshly independent future. If it is "yes," then he will, with the mandate of the people, lead Greece into a freshly integrated and renewed Europe. Bonehead move? The Papandreou family has called the Maximos Mansion in the centre of Athens home for several years now and won't give up the address without a fight."

    -- thanks Marty.

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