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Greek PM George Papandreou has told his cabinet he will resign. "The prime minister said that...

Greek PM George Papandreou has told his cabinet he will resign. "The prime minister said that this government is going to pass on power to another government, which he will not lead," a senior cabinet official said.
Comments (37)
  • MonsieurMoneyBags
    , contributor
    Comments (102) | Send Message
     
    Smoke has cleared now - Xmas has rally has begun, you heard it here folks :) Let the money start raining.. Tomorrows target SPY 1300, end of year we pass 1750, good luck
    6 Nov 2011, 12:14 PM Reply Like
  • d_wise_1
    , contributor
    Comments (16) | Send Message
     
    From your lips to god's ears buddy! I'm as bullish as anyone, but with all this italy & spain garbage, there are still vultures in the air. We'll be lucky if we see 1450 by year's end.
    6 Nov 2011, 12:29 PM Reply Like
  • MonsieurMoneyBags
    , contributor
    Comments (102) | Send Message
     
    C you @ 1400 next week
    6 Nov 2011, 12:55 PM Reply Like
  • Insurance Bull
    , contributor
    Comments (357) | Send Message
     
    1400-1450 is reasonable by years end. Assuming everything falls into place perfectly. We can't forget the G20 summit did not go well.
    6 Nov 2011, 02:24 PM Reply Like
  • Ananthan Thangavel
    , contributor
    Comments (828) | Send Message
     
    It seems all your articles are pointing to US recession, how can the S&P 500 rally almost another 20% by year-end in such a scenario?
    6 Nov 2011, 03:57 PM Reply Like
  • David Urban
    , contributor
    Comments (1036) | Send Message
     
    Unless something major happens overnight I will be going short on Monday morning.

     

    The markets seem to have grown tired of the way Europe and Greece are dealing with their problems.
    6 Nov 2011, 05:01 PM Reply Like
  • bob adamson
    , contributor
    Comments (4555) | Send Message
     
    D U

     

    Midweek late week the Canadian Broadcasting Corporation broadcast the following excellent exploration of public attitudes in Greece in the face of the current crisis. While there have been significant political developments since that broadcast, the analysis of attitudes is still illuminating

     

    http://bit.ly/rPqFSz

     

    Speaking of political developments, the compromise struck by Greece’s two main political Parties minutes age (I’m writing at 2 PM Pacific Standard Time) sets the stage for negotiations to be finalized to form a new interim Greek Government to adopt the measures for Greece to comply with the EU/IMF rescue package.

     

    http://bit.ly/t4lnxu
    6 Nov 2011, 05:17 PM Reply Like
  • David Urban
    , contributor
    Comments (1036) | Send Message
     
    Unfortunately the Greek people are still lost. A majority want to be the Eurozone while just less than half do not like the current debt deal.

     

    Sounds like a situation of having their cake and wanting to eat it as well.
    6 Nov 2011, 05:22 PM Reply Like
  • buybuybear
    , contributor
    Comments (389) | Send Message
     
    Wow... 1300 seems very bullish to me... Yet I agree, we might get a little pop tomorrow based on this 'good news'. We've seen rally's so many times on the same thing it baffles me. Greece already HAD this deal, but then not the gov't to execute on it. Now that it does, we rally again?

     

    Anyways, Mr Market could have become a little tired of Greece and move on to the next country: Italy... Recall that the ECB said that it might consider stopping buying Ity bonds? Well, what do you think holders of those bonds will do come tomorrow given that there's no backstop anymore? I predict that the increase in yields on 10yr Ity bonds will dwarf any pop we could see on the SPX... And that might turn sentiment around real quick... forcing the SPX to comply with reality

     

    I actually think that the ECB did themselves a disservice... Tomorrow we will see Ity bonds get dumped and yield rocket and that would be a direct threat to Italy and hence, the ECB has to step in yet again to mop up the damage (granted, for a better price)

     

    Good luck out there bulls... hope you are right but am afraid not..
    6 Nov 2011, 05:36 PM Reply Like
  • cynic2011
    , contributor
    Comments (652) | Send Message
     
    A coalition government essentially means nobody is in charge. Stay tuned for more Greek tragedy.
    6 Nov 2011, 06:21 PM Reply Like
  • jamesbwood
    , contributor
    Comments (307) | Send Message
     
    I expect a short term rally - emphasis on short term.

     

    What has changed? Will the austerity conditions be less? Is there popular buy in in Greece? Will Greek GDP suddenly increase? How about Germany? Is there buy in there? What has changed?

     

    Papandreou at least forced a national "discussion" - brief as it was.
    6 Nov 2011, 06:31 PM Reply Like
  • Regarded Solutions
    , contributor
    Comments (15470) | Send Message
     
    The soap opera will continue....it's all for show fellas....bottom line, if banks are too big to fail, so are nations and currencies.....block out the noise and focus on the US of A.
    6 Nov 2011, 08:10 PM Reply Like
  • costaq
    , contributor
    Comments (8) | Send Message
     
    I am worried the new Greek coalition goverment will NOT agree with the Oct 27th haircut and stall things again... look out below!!!!!
    6 Nov 2011, 10:11 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4059) | Send Message
     
    No, they all point to exactly NOT a US recession.
    6 Nov 2011, 10:26 PM Reply Like
  • Trader2708
    , contributor
    Comments (214) | Send Message
     
    Hahaha... Look at the futures, and also take a look at the bonds!
    7 Nov 2011, 01:27 AM Reply Like
  • cynic2011
    , contributor
    Comments (652) | Send Message
     
    This increases the odds that Greece will have a hard default. Head for the hills!!
    6 Nov 2011, 12:28 PM Reply Like
  • Mad_Max_A_Million
    , contributor
    Comments (1175) | Send Message
     
    Too far below the power curve. There are no good outcomes.
    6 Nov 2011, 12:32 PM Reply Like
  • KJP712
    , contributor
    Comments (437) | Send Message
     
    If an old building crumbles in Athens,will anyone be around to hear it?
    6 Nov 2011, 12:36 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4059) | Send Message
     
    Mr. V, you are in command.
    6 Nov 2011, 12:40 PM Reply Like
  • davidbdc
    , contributor
    Comments (3141) | Send Message
     
    Lets face it, the Greek people themselves aren't willing to change anything. They think if they just riot then things won't change. The opposition leader doesn't want to support the needed cuts.

     

    Its not much different than the USA - we have ONE politician that has put a real spending plan on the table that includes REAL cuts - one trillion dollars in year one. Ron Paul has about as much chance of becoming president as the Pittsburgh Pirates winning the World Series next year.

     

    We are well on our way to catching up with Greece fiscally - and since folks seem to value their "entitlement" more than their freedom there is little doubt we'll get to the same point as Athens.
    6 Nov 2011, 12:43 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (2000) | Send Message
     
    Eventually; it takes a while. There is no magic bullet other than paying down debts with hard earned dollars.
    6 Nov 2011, 01:43 PM Reply Like
  • bob adamson
    , contributor
    Comments (4555) | Send Message
     
    T K

     

    But the earning of those dollars is retarded by overzealous austerity and deflationary national depression. Finding a viable and productive economic and fiscal middle ground for the Greek economy (and, by extension, those of the other fiscally stressed EU member States) will be no easy task.

     

    Wholesale default or rack-renting all sectors of the Greek economy are equally flawed approaches although each has its proponents. There are no quick, easy and solutions.
    6 Nov 2011, 01:57 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (2000) | Send Message
     
    Bob

     

    I agree with you the calm and collected voice here.

     

    Regards,
    TK
    6 Nov 2011, 02:01 PM Reply Like
  • bob adamson
    , contributor
    Comments (4555) | Send Message
     
    Here is a creditable analysis of how the basis for completion of negotiations for an interim unity government will be set.

     

    http://bit.ly/sRkq7B
    6 Nov 2011, 12:58 PM Reply Like
  • bob adamson
    , contributor
    Comments (4555) | Send Message
     
    As of 6 PM Pacific Standard Time more but not all details concerning the interim coalition government for Greece have been settled. It appears that the current government gave way on several key points in order to gain inclusion of the conservative main opposition Party in the coalition. This means that the duration of the interim Government will be short and that the new Prime Minister will probably be a technocrat rather than a political figure.

     

    Greater details are given in the following:

     

    http://natpo.st/slglSa/

     

    http://bit.ly/s9CtzA/
    6 Nov 2011, 09:41 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4010) | Send Message
     
    Beware of Greeks bearing gifts.
    - Homer
    Beware of Greek bearer bonds.
    - Jon Corzine
    6 Nov 2011, 01:04 PM Reply Like
  • who me
    , contributor
    Comments (23) | Send Message
     
    This whole Greek drama is a joke. Regardless of who rules the
    country bond holders are not going to take a hit of more then
    50-60% .Therefore any bailout package with a bond holder
    haircut of less then 65-70% puts GREECE back on the path
    to default.
    Furthermore don't you think the other PIGS are going to
    want the same deal.
    6 Nov 2011, 02:41 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4010) | Send Message
     
    Once the bailouts begin, everyone wants in.
    When there is no money to pay the debt,
    default is the only bet.
    Inflation or deflation? That is the question.
    6 Nov 2011, 02:54 PM Reply Like
  • Dr. V
    , contributor
    Comments (1179) | Send Message
     
    Quite poetic, Geoffster. If you were a Lawyer, we could call you the "court" Geoffster.
    7 Nov 2011, 09:39 AM Reply Like
  • David Urban
    , contributor
    Comments (1036) | Send Message
     
    Do we know the makeup of the new government yet or are we just hopeful that it works?

     

    Papandreou was educated outside of Greece. Get a career Greek in there and we may be looking at trouble.

     

    The opposition does not like the deal in place and wants to renegotiate.

     

    Has anything changed? I don't see it.
    6 Nov 2011, 02:42 PM Reply Like
  • jamesbwood
    , contributor
    Comments (307) | Send Message
     
    I don't see it either. Except who is in charge is murkier.
    6 Nov 2011, 07:25 PM Reply Like
  • Guardian3981
    , contributor
    Comments (1927) | Send Message
     
    Inflation will be chosen over deflation, and when there is inflation the market will go up from all the extra liquidity.
    6 Nov 2011, 06:35 PM Reply Like
  • RM13
    , contributor
    Comments (712) | Send Message
     
    How about periods of rapid deflation, followed by periods of inflation. What we have experienced in last few months has been deflationary, last month was inflationary, see saw will continue.
    6 Nov 2011, 07:45 PM Reply Like
  • Regarded Solutions
    , contributor
    Comments (15470) | Send Message
     
    And the printing will begin.....maybe, no really, maybe...we shall see, yep, wait, ummmm maybe?

     

    This is getting boring, and we all know that more money will be poured in to every country to keep the EU intact.

     

    Next? California.
    6 Nov 2011, 08:07 PM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (11015) | Send Message
     
    Although this sounds positive it comes down to the details. If it takes months to get the deal passed that may be bad. If the socialists stay in power and refuse the deal because its anti-socialist to cut government it is bad. There are a lot of potential very bad scenarios as there are very good ones.
    6 Nov 2011, 08:17 PM Reply Like
  • dividend_growth
    , contributor
    Comments (2878) | Send Message
     
    I don't think this resolves anything. Greece is still on path to bankruptcy, Euro zone banks still can't lend, and economic conditions over there will continue to deteriorate.

     

    Maybe it was Germany's plan after all: forcing PIGS countries to massively liquidate their assets on the cheap.
    6 Nov 2011, 11:23 PM Reply Like
  • Dr. V
    , contributor
    Comments (1179) | Send Message
     
    Been saying that. It's all about the European Domination Plan by Germany, she (Merkel) even has her "Napoleanic lapdog" Sarkozy on a leash. If he's good, she'll throw him a bone.
    7 Nov 2011, 09:40 AM Reply Like
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