The Other McCain

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It Looks Like Greece’s Papandreou Will ‘Ouzo On Down The Road’

Posted on | November 6, 2011 | 7 Comments

by Smitty

CNN reports:

The country’s Cabinet was set to meet Sunday to discuss issues relating to Monday’s Euro group meeting, at which Finance Minister Evangelos Venizelos will represent Greece, the reports quoted the spokesman as saying.
Venizelos is likely to remain in his post as finance minister in a new government, sources told Greek television. Candidates for the prime minister’s job include Petros Moliviatis and Loukas Papaimos, according to Greek television.
The new government will have a life of four months, according to Greek television, citing sources, and elections will be held in early spring.
The announcement comes amid economic and political turmoil in Greece and the formation of a coalition government tasked with saving the nation from bankruptcy.
A Greek default could drag down larger European economies, in particular those of Italy and Spain, as well as struggling Portugal and Ireland, analysts warn.

The article states that George P. survived the confidence vote. Parliamentary democracy has always been a bit murky, but, George P. is only hanging on while a new government is formed, isn’t that a de facto loss of the confidence vote, with a veneer of face-saving that no one seriously believes?

While one seriously wishes that the Greeks come up with a workable plan, this whole politics of failure continues to be just another tragedy. Or maybe a farce. Would that it could be sped up. Somewhere around Act CCCLXXVII, it started to get old.

Tyler Durden says, ‘maybe not‘.

via HuffPo

Category: Greece

Comments

7 Responses to “It Looks Like Greece’s Papandreou Will ‘Ouzo On Down The Road’”

  1. Anonymous
    November 6th, 2011 @ 4:24 pm

    I wonder if assurances that he’d step down “for the good of the country” were given before the no confidence vote.
    I can’t imagine how Greece recovers and remains in the Euro. The plebiscite was cancelled because without an immediate infusion of cash the government couldn’t meet payroll. Their problem is debt yet much of the money they’re “borrowing” isn’t dedicated to restructuring the debt or even meeting short term payments on that debt but to meet payroll. I don’t know if the people in Greece are paid by direct deposit or if they have to go cash a paycheck but I doubt much of that money stays in bank accounts.

  2. Joe
    November 6th, 2011 @ 5:05 pm

    SNL did a so so spoof on the Greek gods looking for the “god of finance.”  In short, Greece didn’t have that god. 

  3. JeffS
    November 6th, 2011 @ 6:12 pm

    Looks to me like the Greek government is greecing the rails for their ride into oblivion.

  4. Anonymous
    November 6th, 2011 @ 8:03 pm

    But, but, Madeline Albright says he is one great guy.

  5. Adjoran
    November 7th, 2011 @ 12:04 am

    It’s been apparent for over a year to anyone who can use a calculator that Greece is structurally incapable of climbing out of the hole they are in.  Nearly 25% of the workforce is employed by the government.  Retirement can come as early as 50 with full medical.  They can’t collect a significant portion of the taxes they are due (mainly from small retail and other businesses) and haven’t been able to for decades.  That will not change.

    On top of this, they haven’t made the cuts they promised to get the bailout before this one.  There is ZERO chance they can EVER get right fiscally.  Default is an absolute given – and no “50% haircut” either, the full shave like Smitty.

    The problem of the Greek government is how to kick the can as much farther down the road as they can.  The EU and the bankers have been most cooperative for the last two years, not only continuing to throw good money after bad but also pretending if only we all sit down we can solve this thing, darn it!  Heh.

    It ends either with a Greek default and exit from the Euro, or the country burned to the ground.  Rumor has it the Parthenon was ravaged in an ancient austerity drive. 

  6. Edward
    November 7th, 2011 @ 12:53 am

    My Big Fat Greek Bailout…

  7. Anonymous
    November 7th, 2011 @ 1:13 am

    The problem with the cooperative EU is it doesn’t care a fig for Greece let alone it’s people, it’s only trying to save the Euro. The longer they maintain the fiction that they can save Greece and the Euro the less likely they’ll do either.