Greece prime minister struggles to form coalition

Discussion in 'Wall St. News' started by Cdntrader, Nov 5, 2011.

  1. Greece prime minister struggles to form coalition

    Greece's prime Minister George Papandreou, left speaks to Greek President Karolos Papoulias, at the presidential house in Athens on Saturday, Nov. 5, 2011. Embattled Greek Prime Minister George Papandreou launched efforts to form a four-month coalition government, arguing the move is vital to demonstrating Greece's commitment to remaining in the eurozone.(AP Photo/Kostas Tsironis)

    On Saturday November 5, 2011, 11:09 am
    ATHENS, Greece (AP) -- Greece's prime minister struggled Saturday to form a temporary coalition government, faced with opposition calls for immediate elections that have extended a political deadlock in the debt-shackled country.

    George Papandreou has agreed to step aside if necessary to help his Socialist party hammer out a four-month coalition he says is vital to securing a new debt deal worth an additional euro130 billion ($179 billion). He said a coalition would also demonstrate the country's commitment to remaining in the eurozone.

    But his offer was snubbed hours later by opposition leader Antonis Samaras.

    "We have not asked for any place in his government. All we want is for Mr. Papandreou to resign, because he has become dangerous for the country," Samaras said in a televised address. "We insisted on immediate elections."

    Papandreou won an early morning confidence vote in the Socialist-led parliament on a pledge that he was willing to quit and form a caretaker coalition.

    Midway through his four-year term, Papandreou was forced into the move by his austerity-weary Socialist party after he abandoned a disastrous proposal to hold a referendum on a new European debt deal. The idea was quickly scrapped this week after throwing world markets into renewed turmoil and drawing an angry reaction from European leaders.

    Frustrated with Greece's protracted political disagreements, the country's creditors have threatened to withhold the next critical euro8 billion ($11 billion) loan installment until the new debt deal is formally approved in Greece.

    Greece is surviving on a euro110 billion ($150 billion) rescue-loan program from eurozone partners and the International Monetary Fund. It is currently finalizing a second mammoth deal: to receive an additional euro130 billion ($179 billion) in loans and bank support, with banks agreeing to cancel 50 percent of their Greek debt.
  2. maxpi


    Greece understands that if you owe the bank a small amount they own you but if you owe the bank a huge amount you own them..

    Psychopaths exist on lies. Karl Marx redefined "truth" to mean "whatever is best for the state" so Socialists exist on lies. They agree to loans and have no intent of paying back.
  3. ronblack


    The Greek PM sold out Greeks during the last two years by not negotiating a haircut on total bond debt immediately but instead took loans with collateral guarantees that were used to retire expiring unsecured bond issues. Then, the ECB bought the remaining bonds from the German and French banks and now the haircut applies only to the bonds the Greek banks and pension funds have in their portfolios and that drives then to ruin and need for more loans from the troika which is happy to lent at 6% with collateral guarantees. In the start of the crisis the German and French banks had about $150 billion worth of Greek bonds and now have less than $10 billion and the ECB has about $75 billion which will not be affected by the haircut. Greek debt is still $450 billion after all the loans. Anyone can figure out what the socialists have done to that country. Socialism should be banned worldwide as scam and deception.
  4. Greek President Karolos Paloulias meets with Antonis Samaras, the leader of New Democracy, the biggest opposition party, at 1 p.m. in Athens today to try to convince him to join a government of national unity. <b>Samaras has so far balked at joining forces with Papandreou’s socialist party even if the premier steps aside</b> and yesterday repeated a demand for elections.
  5. jprad


    Compared to Italy, Spain and a few others, Greece's debt is peanuts.

    They're road pizza if they don't tow the line.
  6. cstfx


  7. THENS, Greece (AP) -- Greek leaders entered a second day of closed-door talks Sunday to end an ongoing political crisis, under intense pressure to ensure the country doesn't go bankrupt in the next few weeks and that it remains in the eurozone.

    The Socialist government of Prime Minister George Papandreou, who narrowly survived a parliamentary confidence vote early Saturday, said it has started talks to form a temporary coalition to run the country for the next four months. The government will also hold an emergency Cabinet meeting at 4 p.m. (1400 GMT; 9 a.m. EST).

    Papandreou, mid-way into a four-year term, has promised early elections by March and said he would step aside once a new unity government is agreed on.

    But the conservative leader of the main opposition New Democracy party said Sunday no talks between the two parties were taking place and Antonis Samaras also reiterated his stance that Papandreou must resign before any coalition discussions can take place.