Friday, November 11, 2011

May as well conclude the saga

As it is Greece, perhaps we should use another word. Well, farce will do. Anyway, ring out the bells: the Greek unity government has been formed. It will be led by the first candidate, before the Finance Minister tried to get in on the act, former ECB Vice President Lucas Papademos, the man who finessed Greece into the euro.
Papademos now has until early elections, likely to be held some time in February, to put Greece back on track to economic health. His first priority will be that of ensuring parliamentary approval for the €130 billion ($177 billion) EU bailout package for his country and the planned 50 percent slashing of Greek debt. European Union officials have made that approval a condition for receipt of the next €8 billion tranche of the first bailout package assembled for Greece back in early 2010.
Should be interesting.


  1. The EU establishment seems to be very happy with Lucas Papademos as the new Greek premier. One wonders why since he was one of those most responsible for, as you so aptly put it, finessing Greece into the Eurozone. And that worked so well!

  2. "finessed" ... "interesting" ... I see it's understatement day :)

  3. But he is "one of us", Mikgen. That is the only reason I can think of.

    John, I like understatements. :)))

  4. Mind, they only want his approval, doesn't mean he has to actually do anything. Still since he is one of them being paid a pension we can only dream of, I suppose he may try to do somrthing......But what will the Greeks say?