Greek Prime Minister George Papandreou’s grip on power weakened before a confidence vote later this week as his decision to call a referendum on a new bailout package provoked a lawmaker rebellion.The Real Effect
Milena Apostolaki said she will defect from Papandreou’s socialist Pasok party. With Kerdos newspaper reporting that Eva Kaili will also abandon Pasok, Papandreou would only control 151 seats in the 300-seat chamber. Six members of the party called on the premier to resign in a joint letter, Athens News Agency said today. Ministers are due to meet this evening.
Stocks fell, the euro tumbled and Italian bonds plunged on concern that the referendum, which blindsided Greek lawmakers as well as European policy makers, will push Greece into a disorderly default if the bailout is rejected. Austerity steps imposed by creditors have sparked a wave of social unrest in the past 18 months, undermining support for the government. Papandreou won his last major vote on austerity measures by 154 votes to 144 on Oct. 20.
The sky is falling....iaeeeee...look out for the molten rock!!!
As always, I am amused at the sheer predictability of all this. The cockroaches try to hide until it is mathematically impossible to hide anymore. Then they scream and yell and scurry about until they find a new place to hide. And yet, amidst all of this, we are still arguing about whether or not the cockroaches even exist! Why? Because the supposedly non-existent banksters tell them so!
Longtime readers of the blog realize that this will be another watershed moment in the EU. Like Iceland before them, the Greek people will get a vote on how their country will be run. The true test will be in whether the Eurocrats "allow" them to have their opinion after they vote. Lisbon Treaty anyone?
I think it is near impossible that a Yes vote will be achieved. In that event, look for a short spell of peace as the cockroaches try desperately to hide again.
If Greece votes down the bailout, look for all sorts of screaming by the Euro banksters as they are burned alive on the fires they started. Specifically Italy, Portugal and Spain will blow out as the speculators decimate the banks. (As well they should) More importantly, watch the Eurocrats try some end-run around the will of the people. (You see, Democracy only matters when you're voting FOR the Globalist Hydra, not against. In such cases, the will of the people is far too, unenlightened.)
Look for Europe to burn for a while (3-6 mos?) as the US gets a short lived reprieve. Except this time I believe we're going to start to see casualties. After Europe goes critical for a time, look for America to thrust itself into the spotlight again with the Supa-Committee.
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