And the hits just keep on coming, with the Greek government now just one vote away from total collapse
ONE GREEK RULING SOCIALIST LAWMAKER QUITS PARLIAMENTARY GROUP - STATE TV MORE - RTRS GREEK MP'S MOVE REDUCES PM PAPANDREOU'S MAJORITY TO 152 OUT OF 300 DEPUTIES - RTRS As a reminder 151 votes are needed to pass a vote. But that's not all:
Senior member of Italian opposition says party has asked president Giorgio Napolitano to form new government before G20 summit in Cannes Oh yes, Italy, the one place everyone was terrified about before Greece stormed back to center stage with a bang. Result:
ITALY 2-YR BOND YIELD SPREAD VS GERMANY HITS NEW EURO LIFETIME HIGH ABOVE 500 BPS
Well Played Mr. Papandreou
Submitted by Tyler Durden on 11/01/2011 -
It was almost funny how quiet he was at the summit. It seems like he sat back, got the best deal he possibly could for Greece and now Greece can decide if it is good enough. The IIF and their NPV calculations. The ECB and their paid in full demands. The EU and their austerity and controls and demands over which Greek assets can be sold to whom? Debt to GDP of 120% by 2020. How about debt to GDP of 10% by year end? How about some nice asset sales to China at premium prices not only to get some immediate funds but to develop a nice long term relationships with deep pockets and a great trade partner. Not sure where IMF fits in. All along I have argued it was Greece's choice to default or not and that it was in their best interest to do it. He played it far better than I could have. He holds the cards. He is putting his people and national interest above Europe. Merkozy must be in a panic.
