Papandreou wins confidence vote (153-145)

[Roland99]

Source: Globe and Mail

Greek Prime Minister George Papandreou has won a confidence vote in parliament.

His close-fought victory came after he called for a new coalition government to approve a bailout deal vital for saving the country from bankruptcy and tackling the euro zone’s economic crisis, and signalled he was ready to stand down.

Mr. Papandreou told parliament that he would go to the Greek president on Saturday to discuss formation of a broader-based government that would secure the €130-billion ($179-billion U.S.) bailout, adding that he was willing to discuss who would head a new administration.

“The last thing I care about is my post. I don’t care even if I am not re-elected. The time has come to make a new effort... I never thought of politics as a profession,” he said before a parliamentary vote of confidence in his government.

Read more: http://www.theglobeandmail.com/news/world/papandreou-wins-confidence-vote/article2226141/

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G-Pap Wins Vote Of Confidence 153-145
http://www.zerohedge.com/news/g-pap-wins-vote-confidence

[DCBob]

1. This likely means the deal is on.

Now we shall see how the people react.

[Imajika]

3. Deal is definitely still on...

The Greek Socialist party will probably build a coalition with some small party's and wind up with 20 or 30 more votes to spare.

Deal is on and it will be very good for the markets. Not so good for the Greek people, but very good for the market in the short term. Unless something unexpected happens, I'd say Wall Street will surge next week.

[DCBob]

4. no doubt the markets will surge at least temporarily..

However, the devil is in the details since the proposed plan is still a bit vague and could be difficult to implement. But this at least stops the crisis for now.

[dipsydoodle]

7. I sometimes wonder

if half of this malarky is market associated and those in the know have knowledge of when to buy and sell.

Stops the crisis for now by ensuring the austerity measures.

[DCBob]

10. No doubt there are insiders taking advantage of what they know.

and making tons of money from it.

[itsrobert]

2. "I never thought of politics as a profession"

It's the family business.

[Turbineguy]

5. Maybe something

was lost in the translation.

[MJJP21]

6. How does

How does anyone figure the deal is still on? It was POP that wanted to let the people decide if the the bailout was in their best interest which it is not. Greece will never be able to pay back the debt. It has no industry. It's people work off the books as common practice. Even is shipping industry has largley left. Greece has nothing but tourism and olives to give.

[itsrobert]

9. They have some nice Oranges

Pistachios, dates, watermelon. And flokati rugs. Not to mention chicken pitas and feta cheese.

[DCBob]

11. Greek tourism is big bucks and their biggest industry and no doubt this crisis is affecting that.

They can survive if they can stabilize and the tourists begin to come back.

[DeSwiss]

8. K&R

Got Hemlock?

[DCBob]

12. Now to forge a coalition... in a hurry.

Papandreou told the Greek president that the nation had to forge a political consensus to prove it wanted to keep the euro, as European leaders try to persuade the outside world that the currency bloc can overcome its huge debt problems.

"In order to create this wider cooperation, we will start the necessary procedures and contacts soon," he told reporters after meeting President Karolos Papoulias. "My aim is to immediately create a government of cooperation," he told the president in the presence of reporters before they held talks behind closed doors. "A lack of consensus would worry our European partners over our country's will to stay in the euro zone."

Political sources involved in the dealmaking said negotiations are being led behind the scenes by Finance Minister Evangelos Venizelos, who aims to head the new coalition.

http://www.reuters.com/article/2011/11/05/us-greece-referendum-idUSTRE79U5PQ20111105

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This needs to happen this weekend and then they need to have vote to approve the bailout before the EU leaders meet next week to finalize the debt deal. It sounds daunting but I think all the pieces are coming together. Crisis averted.. at least for now.