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Merkel puts Papandreou Under Pressure

German Chancellor Angela Merkel has undeniably a new hobby: playing with the nerves of the EU and particularly with the nerves of the Greek prime minister. Of course, in Greece we have a particular expression, it starts with ‘balls’ and ends with ‘breaker’ but it would be too rude to write it down here here …

While all Europe and especially the South awaits overstrung, holding its breath of what will happen in view of the Euzo Zone Summit on Thursday, while anticipation is high regarding the sustainability of the Greek debt and the outcome of consultations on the second bailout, while markets are pushing and the spreads & CDS skyrocket,  Angela Merkel sends a message killing expectations for a definite solution.

According to Reuters, Merkel dampened the expectations warning that there will be no spectacular solution for Greece on Thursday and that it is not politically responsible to agree a hasty solution. As expected, Merkels’ comments sent the euro lower against the dollar.

Merkels’ bomb smelled like blackmail to ECB-Chief Jean-Claude Trichet.

And had George Papandreou start  calling around and talking with the political leaders in Athens. His conversation with main opposition leader Antonis Samaras lasted just three minutes. The leader of conservative Nea Dimokratia told Papandreou clearly that ‘selective default’ is out of question.

The leader of far-right LAOS advised Papandreou to return to Athens should he realize the proposed solutions are against Greece’s interests.

Now I understand why Merkel speaks of a later solution. I am just scared Papandreou might take a hasty decision under pressure again and spoil my weekend plans for swimming around…

PSI find quite interesting that during Prime Time News journalists, economists and politicians talk about the solution options, the IMF and EU politicians’ statements but forget to mention what is all about on the Euro Zone Summit: the second bailout for Greece. No wonder many Greeks chose to walk for a walk, listen to music and have coffee at their balconies than watching the news.

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