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Thursday, November 03, 2011 2:13 PM

Opposition Leader Rejects Co-Government, Demands Resignation of Papandreou; Basking in the Clouds of Denial

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It is exceptionally difficult to keep up with news stories in Europe. Every minute there is a new twist. What's clear is that no one is in charge, of anything.

Via Email from Steen Jakobsen at Saxo bank ....

Leader of opposition [Antonis Samaras] just finished talking in parliament

  1. He rejects any co-government, short, medium or long-term with the ruling Pazok party
  2. He demands PM resigns at once (which the PM says he will not) and creation of a new short-term emergency government - to calm the Greek people and the rest of Europe.

An emergency government that will first and foremost secure the 6th payment to Greece, the realization of the latest debt package, Greece' membership in EUR and Eurozone and then once the waters have calmed ( most likely within 3 months) to hold elections

The Finance Minister takes the stand after Samaras, asking if he is truly ready to do what he says, i.e. accept every single detail of the debt package, which is a must to ensure not only the 6th but also future payments to Greece.

That he cannot pick and choose within the package- that it is an all or nothing package.

This because Samaras has clearly in previous week said he agrees with the haircut but not with the specific austerity measures defined in the package.
Greek opposition leader walks out of parliament

CTV reports Greek opposition leader walks out of parliament
Greece's Opposition leader Antonis Samaras is continuing his calls Thursday for Prime Minister George Papandreou to resign, even going so far as to lead his party in a dramatic walkout during a parliamentary debate on government confidence.

Papandreou was said to be ignoring the calls for his resignation, after scrapping his plan for a referendum on the European bailout deal.

CTV's London Bureau Chief Tom Kennedy said Papandreou outlined his plans during an impassioned emergency cabinet meeting Thursday.

"He described all Greeks as soldiers in an army that must fight for the salvation of the country, so you can see the rhetoric he's using," Kennedy told CTV News Channel.
Basking in the Clouds

The market is still basking in the clouds of a canceled referendum and the defeat of democracy, and has not reacted to this latest news. Thus we have to wait and see what the vote of confidence looks like tomorrow.

Mike "Mish" Shedlock
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