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From WSJ: Responsibility for the mess, many of those involved in the effort say, lies with a Greek political class that couldn’t or wouldn’t reform the country, an unrealistic program that assumed a quick economic recovery despite draconian austerity and crushing debts, and growing mistrust between Greece and its creditors. “It was almost a mission impossible,” says George Papandreou, the luckless Greek premier who negotiated the original bailout and then was forced [...] Gold did exactly as predicted in the update last weekend – it dropped back briefly to touch the bottom of our short-term reaction target range at $1680 before rebounding, as we can see on the 4-month chart below, and we were buyers around $1705 and below. The rebound on Tuesday left behind a clear bull hammer on the chart, which is positive. After the rebound gold advanced to the next [...] From NYT: PARIS — The crisis of the euro zone has finally hit the potholed road of real politics, with the Greeks now openly questioning whether their commitment to Europe and its single currency still matters more to them than control over their own future and economic well-being. During the two-year financial crisis, the wealthier countries of northern Europe, led by Germany, have insisted that their heavily indebted brethren in the south [...]
Greece’s prime minister George Papandreou will resign today, according to Pasok party sources. A possible replacement for Mr Papandreou is currently being discussed, Sky sources have indicated. The development comes after the country’s opposition leader insisted the PM must go to save the economy. Antonis Samaras said he was willing to help in the formation of a coalition government – but not until Mr Papandreou stepped down. Mr Samaras met with Greece’s president [...] Greek Prime Minister George Papandreou is expected to offer his resignation within the next half-hour, sources in Athens have told the BBC. Mr Papandreou will meet Greek President Karolos Papoulios immediately after an emergency cabinet meeting has finished. He is expected to offer a coalition government, with former Greek central banker Lucas Papademos at the helm. Mr Papandreou himself would stand down, the BBC understands. The Greek government was on the verge of [...] The next 8bn euros of rescue loans will be withheld from Greece until after its referendum on the eurozone rescue plan, European leaders say. French President Nicolas Sarkozy said it could be held on 4 or 5 December. German Chancellor Angela Merkel said the vote was over whether Greece wanted to stay in the eurozone. Greek PM George Papandreou was summoned for crisis talks ahead of the G20 summit in Cannes to [...] Did this one just slip under the radar? Greek Military Leadership Changes Spark Opposition Outcry (November 1, 2011) Greek Prime Minister George Papandreou insists that a referendum on a EU bailout will go ahead despite turmoil on world markets and stunned reactions from other eurozone countries. He told a Cabinet meeting a referendum would offer “a clear mandate” on Greece’s staying in the euro. But President Sarkozy of France said the decision “surprised all of Europe”. Stock markets have recorded big drops. Mr Papandreou is due to meet European leaders [...]
“You need … to work together to do what is essential” … Timothy Geithner, US Treasury Secretary. Photo: AFP DIPLOMATIC tensions between Europe and the US have heightened after the US Treasury Secretary, Timothy Geithner, attended a meeting of euro zone finance ministers at the weekend, having urged them to act ”quickly and decisively” and increase the size of a €440 billion ($586 billion) rescue package. ”What [...] ATHENS, Greece — The instability rocking Greece this week is the latest manifestation of a troubling new phase in the global financial crisis: political turmoil is sweeping through Europe, toppling governments and threatening to undermine efforts to rescue the financial system and, ultimately, the euro zone itself. It seems likely that Prime Minister George Papandreou of Greece will manage to hold his government together long [...] Stand-off: Protesters taunt riot police near the Greek parliament in Athens Demonstrators today encircled the Greek parliament in Athens in an attempt to stop MPs voting on even deeper austerity measures for the debt-ridden country. They were involved in a tense stand-off with riot police in Constitution Square as a 24-hour strike began. The walkouts left hospitals running on emergency staff, disrupted transport and forced radio and TV news shows off the air. Prime [...] |
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