Reuters - Greece may investigate U.S. investment banks and their role in the run-up to the Greek debt crisis which has shaken faith in euro zone economies, Prime Minister George Papandreou said in comments broadcast on Sunday.
Remember George Papandreou? The former Greek prime minister who in 2011 resigned just after he threatened to do what Tsipras shocking just did last night, i.e., hold a referendum? If not, here is a reminder. From November 2011:
It's the end of the line for Greek Prime Minister George Papandreou.In a cabinet revolt led by his finance minister, Papandreou was ordered to "leave calmly in order to save his party". He obliged, having no real choice in the matter because otherwise he would have been ousted in a vote of confidence.He may survive the vote, but it will do him no good as part of the agreement.Please consider Greek PM ready to go, dump referendum, for euro deal
Greece's prime minister pledged Thursday that a parliamentary commission would examine the reasons behind Greece's finance crisis and the role played by US banking giant Goldman Sachs, reports said.Prime Minister George Papandreou told a press conference reserved for Greek media that the panel would be set up by the end of the year."In the context of this parliamentary commission on the economy ... we are going to look into the participation of foreign institutions in the Greek problem," he said in a report carried by the semi-official ANA press agency.
Alexis Tsipras is flouting the cardinal rule of political survival in Europe: don’t displease Angela Merkel.
The German chancellor’s disapproval helped end the political careers of former Italian prime minister Silvio Berlusconi and Greek leader George Papandreou.
After burning through whatever goodwill he had with Merkel’s lawmakers and the German public, the current Greek premier could be next.
Cowards Win For NowWe will not get to see the precise wording of Prime Minister George Papandreou's referendum because enough cowards in the Greek parliament in conjunction with blackmail by Merkel and Sarkozy have put an end to Papandreou's regime.Thus, the on-off on-off Greek referendum is once again set to "off" this time permanently.Equity markets reacted positively to the referendum cancellation and also to the surprise rate cut by the ECB, but the euphoria will not last (except perhaps for gold).