Tuesday, November 1, 2011

Report Flips: Papandreou Now Not Retreating on Call for Referendum

Stock markets began to rally on Tuesday on reports that Greek Prime Minister Papandreou  was likely to cancel his call for a referendum. However, in the face of heavy opposition from his own party and global leaders, Papandreou  issued a statement through a spokesman. 

"We’re not retreating and we haven’t retreated on all the things we needed to do to save the country," Greek government spokesman Angelos Tolkas said in an interview on state-run ERT3 TV today. "As the prime minister said to his lawmakers yesterday, this is how we’re proceeding and these are our next steps."

Tomorrow evening, Papandreou meets in Cannes with French President Nicolas Sarkozy, German Chancellor Angela Merkel and new European Central Bank president Mario Draghi. The pressure in that room will be enormous for Papandreou to cancel his call for a referendum.

Stay tuned.


  1. Oh gosh it's so exciting!
    to watch the "Great Collapse"
    to see so many freaking out
    so many people speaking out
    it makes me want to scream and shout
    "hooray hooray hooray"


  2. It does get better and better(from a comic relief point of view) Papandreou deciding he isn't going to just take the fall for bankers and putting a knife in the EU's tires, knowing that Greeks voters are going to tell Brussels to take a leap of Mt Olympus.
    Well played Mr Papandreou.

  3. Yes, the events in Europa are spinning out of control. The summit tomorrow at the G20 will be interesting. I hope that Papa tells Merkel, Sarkozy and Draghi to take a flying leap during their just announced private meeting.

    The Bloomberg article today (succinctly and brilliantly summarized on Zero Hedge) detailing the near trillion dollar exposure (via CDS) that US banks have to Euro debt is just another confirmation that the euro is dead. I wouldn't be surprised if the Germans were using Deutsch Marks to buy Christmas gifts this year.

  4. Cannes? The terrorists couldn't meet somewhere like Mannheim, DE? They will always go to the nice places even as they destroy everyones life with their terrorist taxes, laws, and inflation.

  5. "All the things needed to save the country"?? Don't you mean "save the Greek government's ass", Papa, you worthless mangy mutt?
    Certainly is fun to watch the banksters squirm!