New Greece PM will be announced at 4:00am EST, 1:00am PST tonight. They are riding on Papademos' acceptance for the role, he is a former vice-president of the ECB and should bring credibility to the incredibly stupid government currently in right now.
Here's an interesting article I want everyone to read:
http://www.cnbc.com/id/45218531
Here are some excerpts:
Quote:
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There is a 65 percent chance of a banking crisis between November 23-26 following a Greek default and a run on the Italian banking system, according to analysts at Exclusive Analysis, a research firm that focuses on global risks.
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Remember to note that Nov. 23rd is also when the U.S. Super committee must present it's budget cuts of $1.2 Trillion. If it fails to meet that, attention shifts to U.S.
Quote:
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Between November 18-22, French debt, under Exclusive Analysis' most likely scenario, is downgraded leading to the interbank lending market freezing up with new governments in Greece and Italy “faced down by protestors in their attempts to implement more austerity”.
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Even if Papademos, or a new Greek government is formed, this
may result.
I encourage everyone to read the full article. There are tons of doomsday scenarios flying everywhere. They will mostly say the same thing. But this is educational in seeing what might
become of the situation. It's also pretty in-line with what I agree will happen.
There article also gives a 25% likelyhood of smooth sailing for the next few months (till December) before the craziness comes back again. But that's their opinion. Form your own from their argument.