Luckily for him, though, Prime Minister George Papandreou doesn’t stand accused of complimenting a woman or using non-overtly sexual gestures around her. So he’ll likely survive.
(h/t Drudge)
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More, courtesy TerryH, who writes:
The Grecian populace have clearly signaled:
1- They do not wish to scale back the welfare state.
2- They do not wish to repay the debt presently owed by the welfare state.It therefore becomes clear that any bailout package by the EuroZone just delays and amplifies the inevitable default.
The true intent of the bailout package itself also comes into question. Is the EuroZone trying to save Greece, who has clearly rejected the terms of salvation, or is it trying to save its own financial institutions that have invested heavily in debt that will never be repaid without some sort of bailout package?
The kernel assumptions of the modern welfare state coupled with corrupt associations between big government and big business lead to a death spiral who’s equilibrium point is catastrophic collapse once the key assumptions the state has claimed to be true are proven false.
Closer to home the blue ribbon committee charged with defusing America’s debt bomb studiously avoid root causes such as Social Security, ObamaCare, and other entitlements that have grown at an exponential rate far in excess of the economy that must support them. Too many Americans are dependent upon these entitlement, and refuse any attempt to scale them back. The working 53% that pay all taxes cannot afford to maintain the status quo, much less the built in exponential growth. A collision of horrific proportion between perception and reality is unfolding.
The statists may not be interested in reality, but reality is interested in them and will not be denied.
Well, put. And bravo.
With a vanilla resume like that, I’d guess Papendreou has no chance of being elected Prime Minister of Italy, eh?
But wait! The NY Times claimed that it was consumer debt and government spending that creates economic growth. If that were true, and we know the Times and their experts are never wrong, Greece should be the Eurozone’s true powerhouse.
Hmmm…
“Greece” is most definitely not the word. Aristotle is rolling over in his grave.
I blame the touring production of “Mamma Mia” for pushing the domino that started this whole thing off.
Wasn’t President Present flying over there to offer them some money or something? Hell, we’ve got plenty to spend. Keep those printing presses rolling!
The Eurozone’s investors are probably about to learn that the Eurzone is fiscally schizophrenic: The assumption that one are all — that Greece will be bailed out to save the Euro by policy aimed at defending that Euro — is faulty.
There is no such obligation. Germany, for example, also has no known historical or cultural whim to extend a hand to Greece.
The problem is that once Greece pierces the only assumed veil of unity, then bond holders will run not just from Greece, but from the PIGS.
Bang. Add the dollar at some point sooner than later and stir. Boom.
The Eurozone is therefore showing no tendency to save Greece for Greece’s sake. It may be trying to save its own financial institutions but it’s not at all certain it’s from physical losses on Greece’s books. It’s trying to prevent the inevitable contagion if the Eurozone itself is shown to be a flawed construct, speaking out of both sides of its mouth about debt, money, and the very existence that hangs on both.
Barry and Benny and the Inkjets solution? Print your way out, boys. Just do more of what put you there.
But inkjets smear. Then where’s your currency?
The basic faults of the EU are pretty obvious:
– one coordinated Monetary Policy, but 17 different Fiscal Policies.
– widely disparate tax compliance rates
– widely differing levels of social/pension benefits.
In addition, there was no “escape hatch” written into the original Mastricht Treaty.
The EU founders didn’t want to provide a path for nations to potentially follow should catastrophe occur and the need to withdraw arise.
So, they will have to write some new parts of the EU Consititution once they figure out a way cut the Greeks loose in a fashion that does not take down the French, German and Italian banks that own LOTS of Greek debt.
They’re not “saving” Greece.
They’re saving the major banks of the largest economies in the EU.
Papandreou calls off the poll because he didn’t realise that a negative response would mean Greece would have to leave the euro? I don’t believe it – it must have been a stunt from the start. Can’t quite figure how he thinks it will get him through tomorrow’s no confidence vote, either. I think he’s getting booted no matter what.