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Thursday, November 03, 2011

Acropolis Now!

The end game wrt the Greece farce is upon us.

Greece's finance minister, Evangelos Venizelos, has broken ranks and said that the referendum should not go ahead.

There are plans for yet another emergency Greek cabinet meeting this morning. The Prime Minister of Greece, George Papandreou, will resign and the government will fall.

As such the idea of the referendum can now be considered dead and buried.

Unfortunately the damage is done:

- Markets are in turmoil
- The Chinese will not fund the EFSF until Europe gets its house in order
- Obama is furious that his time at the G20 has been wasted
- Italy's yields are now at 6.5% etc

What next?

There will be elections in Greece, the time between now and those elections will see the Eurozone under even more pressure, as markets hate uncertainty. Additionally, until Greece decides (whether by election or referendum) as to whether it accepts the bailout package it will not receive the next tranche of Euro8BN recently agreed (which was meant to pay the wages of the public sector workers).

This is a mess, and the endgame for Greece and most likely the Eurozone.

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