The Greek PM is to stand down (no sprises there then) and new successor eill be chosen tomorrow and a coalition government will be formed soon after.


http://www.bbc.co.uk/news/world-europe-15614883

So Germany and France just conquered Greece?

Neville Chamberlain would be proud.

LOL :DL

I reckon the Greeks are doing a pretty good job defeating themselves :DL

I bet will be someone like a banker etc, or directly related to a bank. Now Bankers rule europe...

There has been speculation that the new coalition could be led by Finance Minister Evangelos Venizelos.

Heard of, but i don't think so. I heard a name around but can't remember now, surely i had to remember who was as i never listenened of him in quite sometime in tv etc ( but i live outside of greece so i cant follow very properly)
It's terrifying to note though that the only times our politicians work hard ( get to work properly in time and do extra hours at late evening night ) are when they seem to get ready to sell our country.

Politicians the world over I'm afraid :nope:

I'm wondering if Greece even matters any more because it looks like Italy is about to go Greek, and it's not only Too Big to Fail, but Too Big to Save. Italy's yields just blew out and the spread against German debt has reached an all time high. So much has gone on that it all runs together in my head, but there was a crisis several months ago where Italian yields blew out, and the ECB stepped in and starting buying it. That sticksave tamped down the yield but now they're blowing out again. Meanwhile, they've sent in the IMF to police Italy's books, and I think the government has lost majority support, and there are protests. Going Greek indeed. And while all that is going on, the Italian PM isn't exactly inspiring confidence.

Keeping the Eurozone from going asunder is like a game of Whack-a-Mole where the moles get progressively bigger and nastier.

Looking bleak and read a confirmation here:

http://www.telegraph.co.uk/finance/c...fenceless.html

Interesting (and chilling) stuff there.

Brazil doesn't want to join the biggest Ponzi Scheme of all time? I can't imagine why. :D

I think it may be possible the China take a slice of the action but they'll exact a huge price at a time of their choosing in the future.

Papandreou has fallen on his sword. his won't be the only ploitcal scalp in this mess. http://www.smh.com.au/business/world...107-1n2fp.html

I understand it's a race to the bottom for Greece, Italy, Spain and Portugal. With four states in dire trouble, I'd say the EU is just about finished as a viable financial entity.

I heard from one tv source the Italion debt alone of over 2 Trillion Euro is supposed to be bigger than all the money Germany and France etc. could possibly call on :o

The first step in getting out of a hole is to stop digging.

Yet, EU ministers are scouring the globe looking for more warm bodies to bring their shovels. Crazy.

Fance and Germany are beyond the 2 trillion barrier as well. The thing to also look at is how that compares to the GDP.

Debts as % of GDP:

Germany: 75%
France: 82%
Italy: 118%
Greece: 128%

Debt levels between 65% and 80% are often mentioned to be a critical treshhold criterion for a national economy beyond which it cannot recover from its debt burden by its own power. That'S why practcially all industrial key players in the West and North must be seen as being in a critical state, with Brasil (59%) and India (56%) being close to that lower treshhold, and China (17%) being quite distant from reaching that level. The UK's special vulnerability, although having a %/GDP of 75, is its crushing dependency on the financial industry as a major inbcome generator, since this sector is paperwork only and produces no real assets. It is fictional wealth, or a potential bubble; that'S why England is seen as one of the worryingly sick men in Europe (and that'S why it fights so bitterly against fiances market regulations that would hit it's main income generator: the London stockmarket). The US with even just 61% is crushed by the tsunamic total debts value it has stockpiled.

Japan has almost 200%.

England's big vulnerability is the London stockmarket, like Germany's archilles heel is its heavy dependency on exports. That both states get these things reversed and eased, to me is one of the economic key issues in Europe. But instead both do not look beyond just the next budget and have no intention to form a longterm strategy with the needed reorientation, and so both try to press the pedal even deeper to the metal while staying on course.

Both will make spectacular dots on the wall.