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Posts Tagged ‘Credit Default Swaps’

2011/10/24: Quick Post: Enjoying the Equities Rally? Go Hug a Commie

October 24, 2011 2 comments

That’s right. There is a debt of gratitude due a select subset of the ostensibly anti-capitalist extreme wing of the global labor moment. It has to do with last week’s passage of the most recent in a series of Greek austerity package. While the current Franco-German negotiations on the broader European Debt Crisis rescue plan is now critical later this week (more on that below), none of it could have proceeded without the further Greek austerity measures.

And last week’s approval by the Greek Parliament was a distinctly fraught affair. For one thing, the vote inside the parliament building was an extremely close run thing. It required the dismissal and replacement of one deputy in order in the coalition to secure a majority vote. Dodgy parliamentary practice it best, but it worked.

The more visible and overt battle was outside the parliament building, where mostly peaceful protesters signaled their disgust Greece was basically being blackmailed into submission by the more successful Euro-zone states. Whatever one’s view on that, the even more troubling battle was the overt physical fighting between two key factions.

Was it the Liberals versus the Conservatives? Nope. How about the Socialists versus the Capitalists? Not that either. And what we are talking about here is folks who were actually aggressively attacking each other with projectiles, and even smashing each other with clubs.

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