Markets Are Falling, As Papandreou Says That Euro Membership Itself Will Be In The Referendum

TBI ^ | 11-1-2011 | Joe Weisenthal

[blam]

Markets Are Falling, As Papandreou Says That Euro Membership Itself Will Be In The Referendum

Joe Weisenthal
Nov. 1, 2011, 7:28 PM

This is for all the marbles: Bloomberg is reporting that George Papandreou will put everything in the big Greek referendum, including, yes, euro membership itself.

Despite major concerns about this referendum across Europe, and across the Greek government, it's clear he's really pushing for this move, and wants to put the question directly to the Greeks, rather than have them complain about austerity, while simultaneously wanting to remain in the EU.

All that being said, we don't really see how other treaty partners can tolerate a country so openly willing to flout the agreement. It's not that Papandreou is threatening to leave, so much as he's not willing to do whatever it takes to comply with agreements.

Markets have taken another leg down on the headlines. S&P futures are off some 0.5%.

For some deep insight into Papandreou's referendum gambit, see here.

[blam]

'Bravo To Papandreou. He Is Peeling Back The Layers Of The Rotten Onion That Is The EMU'

[jpsb]

High, very high stakes poker game going on. Or maybe a shake down by Greece? Interesting days coming up.

[Longbow1969]

This is a smart move and it will likely pass.

Most Greeks hate the bailout deal, but the vast majority want to retain Euro membership. This pretty much forces the Greeks to put up or shut up and if the referendum passes, it will make it clear that the union mobs on the street are very loud yet lack much influence.

And if by some chance it fails, that is a good result in the long run as well. Greece will default, go back to their currency and be forced to actually live within their means.

The referendum is a good idea, though I expect the other European countries to try to force Greece to cancel it. The EU doesn’t actually like democracy, and when a population doesn’t vote the way they want they will insist on re-votes till the people “get it right”.

[denydenydeny]

*John McLaughlin voice* Boy boy, Euro! *John McLaughlin voice*

[DManA]

Could be the only way for Papandreou to get through to the pig headed Greeks what’s really at stake for them here.

[Steely Tom]

I guess that the designers of the European Union forgot to account for the possibility that one or more member states might make of themselves the economic equivalent of a suicide bomber.

But they think they're really smart, which is what counts at the end of the day, right?

[Rodm]

Greece is bankrupt, auction off the assets!

[blam]

Here's What Happened The Last Time A Papandreou Blackmailed All Of Europe

[Para-Ord.45]

F that, time for a military coup !

[SaxxonWoods]

P is playing Pontius Pilate. He is washing his hands of the decision. This is a tricky situation, I spent a good deal of time screen-watching today.

This European thing has taught me a lot about hedging. At least, I hope it’s taught me a lot. One can always learn more but the lessons can be painful.

[Verginius Rufus]

I think the last military coup in 1967 was to prevent George Papandreou’s grandfather, also named George, from being in power. The colonels claimed to be saving Greece from communism. Possibly that was an exaggeration, but George Sr. was awarded an honorary doctorate by the University of Belgrade in 1965 when Belgrade was the capital of a Communist country.

[Lurker]

so much as he's not willing to do whatever it takes to comply with agreements.

What is he supposed to do, shoot every Greek who wants out of the WeenieZone?

[Don Corleone]

If the Greek finger comes out of the dike (sp?/snicker)the whole European house of cards may crumble back to where it was when every country hated and distrusted every other country. Oh, wait...its still that way.

[Parmenio]

It may be closer than you think. The Greek defense minister suddenly replaced the chiefs of the army, navy and air force today.

http://www.telegraph.co.uk/finance/financialcrisis/8863728/Greek-military-leadership-changes-spark-opposition-outcry.html

[Siena Dreaming]

Papandreau is pretty much a dictator as was his father before him and his father before him.

He has the country dependant on Gov't in a big way.

He is trying to rescue his job and engaging in demogoguery to do it.

[blam]

Greek Military Leadership Changes Spark Opposition Outcry

As Greek poltics grew ever more chaotic strong political protests erupted as the government moved to replace military chiefs with officers seen as more supportive of George Papandreou, the prime minister.

Panos Beglitis announced that the chiefs of the army, navy and air-force were being replaced by other senior officers Photo: EPA

By Paul Anast, Athens
10:18PM GMT 01 Nov 2011

In a surprise development, Panos Beglitis, Defence Minister, a close confidante of Mr Papandreou, summoned the chiefs of the army, navy and air-force and announced that they were being replaced by other senior officers.

Neither the minister nor any government spokesman offered an explanation for the sudden, sweeping changes, which were scheduled to be considered on November 7 as part of a regular annual review of military leadership retirements and promotions. Usually the annual changes do not affect the entire leadership.

“Under no circumstances will these changes be accepted, at a time when the government is collapsing and has not even secured a vote of confidence,” said an official announcement by the opposition conservative New Democracy party.

(snip)

[blam]

EUROPE: What To Expect In The Next 24 Hours

[popdonnelly]

I have an idea: don’t lend money to people who won’t pay it back.

[popdonnelly]

Yeah, Greece is bankrupt. That’s why the EU is lending them more money. Smart, eh?