Greece opposition leader meets president over debt crisis

[dipsydoodle]

Source: BBC News 6 November 2011 Last updated at 11:33 GMT

Greece's main opposition leader is meeting the president as the country remains in political deadlock over its debt crisis.

Antonis Samaras of the New Democracy party is refusing to take part in a government of national unity proposed by beleaguered PM George Papandreou.

He has labelled the PM "dangerous" for Greece and wants immediate elections.

Read more: http://www.bbc.co.uk/news/world-europe-15609456

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BBC have now changed headline on this link to :

Greece opposition chief demands PM's resignation over debt crisis.

and narrative to :

Greece's main opposition leader has again insisted that Prime Minister George Papandreou must stand down to break political deadlock over the country's debt crisis.

Antonis Samaras of the New Democracy party said after meeting the president that if the PM resigned, "everything will take its course".

He did not state whether he would join a government of national unity as proposed by Mr Papandreou, but said he was "determined to help".

[polichick]

1. Should be another interesting week for news and the stock market...

Just like in the U.S., it's the middle class and poor who will continue to pay for the sins of the wealthy.

[rayofreason]

6. What do you mean?

It is the wealthy who have a far larger fraction of their wealth in the stock market, so they will take a disproportionate hit.

For most ordinary people the largest asset is their home....not that that has been doing well lately. And poor people have neither. Of course if wealthy people have less income that means lower tax receipts since wealthy people pay most of the taxes in the US (top 10% pay 70% of federal income tax). Lower tax receipts would mean pressure on budgets for programs that transfer income to poor people. So yes, a big hit to the stock market can hurt poor people, indirectly. But is you do not have a lot of money in stocks and you do not depend on government income transfers, the direct or immediate indirect impact would be limited. But then there is the fact that without the wealthy spending money, the overall economy will take a hit, and that will affect the people in the middle. A second-order echo, but real enough.

And with regard to who sins are being paid for, isn't the Greek situation about an entire country living far above its means, lying for years about the real government deficits and scale of borrowing, piling up huge, unpayable debt, and so putting much larger economies at risk because when we write off those debts the effect ripple through the system?

And just wait for the Italian situation to blow up next.

[PoliticAverse]

2. CNN: Greek PM to resign after coalition government formed

http://www.cnn.com/2011/11/06/world/europe/greece-main/index.html

[dipsydoodle]

3. News from Greece seems to change almost by the minute

Until it stabilises I can't see them getting the next bailout tranch.

According to latest BBC tv news that could be as early as tonight.

[DCBob]

5. Looks like a deal is very close to being worked out.. the opposition leader has cooled his rhetoric.

"I can sense the agony of the Greek people," opposition leader Antonis Samaras said before the meeting with the president. "Everybody has to act responsibly now and send a message of stability abroad to the people of Europe and the people of our country too."

"I agree completely with your words," Papoulias said. "We should give an end to this sense of insecurity and instability. We should give answers to the questions: where are we going and what are we doing? We are all responsible for that."

Speaking briefly to reporters after the meeting called by the president, Samaras said that once Papandreou resigns, everything will "take its course" and "everything else is negotiable."

http://www.cnn.com/2011/11/06/world/europe/greece-main/index.html?hpt=wo_c1

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If Samaras is on board then its a done deal. The real question is how the citizens will react once it is official passed and austerity measures are made clear.

[PoliticAverse]

8. NY TImes: Greek Leaders Reach Deal to Form a New Government

http://www.nytimes.com/2011/11/07/world/europe/pressure-mounts-on-greek-premier-to-resign.html?_r=1

[jwirr]

4. I heard that Papandreou is from America - wonder if he is one of

those Chicago Boys? Went over there and does not tax the rich while the country goes to hell and now is talking about austerity. Sounds like it to me.

[dipsydoodle]

7. General Election announced for Febraury 19th 2012

Just breaking.