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Tuesday, November 01, 2011

Greece: Who knows?

by Calculated Risk on 11/01/2011 10:32:00 PM

Looks the referendum is back on ... but who knows?

From Reuters: Greece Says Vote on Bailout Is Still On

"The referendum will be a clear mandate and a clear message in and outside Greece on our European course and participation in the euro," [Prime Minister George Papandreou] said, according to a statement released by his office. "No one will be able to doubt Greece's course within the euro."

Papandreou said Greece's partners will support its policies and urged a meeting of G20 leaders this week in Cannes to agree policies that "make sure democracy is above market appetites."
And from the WSJ: Greek Premier Faces Revolt
By Tuesday evening, Mr. Papandreou appeared to lack enough support in Parliament to hold a referendum on the rescue package for Greece that European leaders agreed on last week. But while prospects for his high-risk referendum receded, he was also fighting to hold on to power, leaving Europe fretting about the political instability in the country at the heart of the euro-zone crisis.

Indeed, Mr. Papandreou in a statement issued around 1 a.m. Wednesday in Athens insisted that the referendum would go ahead and would give his economic overhauls a strong mandate.
And from the Financial Times: Leaders race to save eurozone deal
... Angela Merkel, Germany’s chancellor, and Nicolas Sarkozy, France’s president, summoned George Papandreou, Greek prime minister, to emergency talks in Cannes on Wednesday ... In a joint communiqué, the French and German leaders said they were “determined to ensure the implementation without delay of the decisions adopted at the eurozone summit”, saying they were “more necessary than ever today”.
excerpt with permission
Earlier:
ISM Manufacturing index indicates slower expansion in October
Construction Spending increased slightly in September
U.S. Light Vehicle Sales at 13.26 million SAAR in October, Highest since Aug 2009