Skip to comments.Time's Up: Greece Default Turns Violent
Posted on 06/16/2011 10:12:07 AM PDT by Kaslin
The crisis in Greece took another step forward today as opposition leader have asked Greek Prime Minister George Papandreou to step down.
In response, Papandreou offered to resign. Unfortunately, Papandreou placed strings on the offer.
Party Defections Reduce Papandreou's Majority to 4 Votes
Papandreou's majority in parliament is a mere 4-5 votes out of 300. In recent days members of his socialist PASOK party have defected over austerity measures.
With a slim and potentially vanishing majority, Papandreou is not in a position to be demanding much of anything. Indeed, his offer to resign with strings attached, increases the likelihood he will be forced out with no strings attached.
Please consider Greek Prime Minister Papandreou said to be told by opposition to step down
Greek Prime Minister George Papandreous options narrowed as the opposition told him to resign, allies turned against him and police deployed tear gas to break up anti-government protests.
Papandreou, struggling to push through austerity measures demanded by international lenders, was told to step aside and let the president name a so-called technical government to renegotiate the terms of the nations rescue package, said an official in the opposition New Democracy Party.
The political turmoil came as European Union talks on forging a new bailout to prevent the first euro-area default stalled. The impasse over the aid formula and speculation of an impending government shakeup sent Greek bonds plunging and the euro weakening today.
When a government has so profoundly misjudged the anger, frustration and disillusionment in the population it is a matter of time until changes have to set in, Jens Bastian, a visiting economist at St. Antonys College, Oxford University in England, said in an interview. But before a prime minister resigns, he first looks at his cabinet and considers a reshuffle.
Papandreou Offers to Resign With Strings Attached
It should read...”In recent days members of his socialist party have defected over austerity measures.” Could sound like our government in the U.S.
Death from end-stage socialism is never pretty.
Deck chairs, Titanic.
Feta Cheese Wars
Pay your taxes.
Lazy, ungrateful Greeks need the money. :)
They’ve defected? Defected to what? A party that’s even MORE Socialist? Where do they think the money is going to come from?
“Where do they think the money is going to come from?”
Look in a mirror.
You Germans...Yah. Work harder and longer to give us money to spend on all-day-coffees-in-the-cafes and early retirements. Work harder and longer. Yah!