MBS RECAP: 11/1/2011


Have you ever tried speaking across a language barrier and received a hearty smile and nod of the head in response, but were still left wondering if what you actually said was understood? Does anyone else find Papandreou rife for this sort of parody? Step back for a moment and merely consider that here we have the country and it’s Prime Minister who have been at the center of biggest “issue” for global markets since Lehman, who just hit a milestone of sorts with decisions coming out of the Summit, and not even a week later saying “wait a minute… we think we want to vote now, oh and while we’re at it, I’d like the country to vote on me as a leader too… just because…”

It’s no wonder that shortly after Merkozy’s eyes return to level after an extended roll upwards that they’re soon on the phone with Papandreou saying “whoa whoa whoa… hey now guy, this is how it’s gonna be, OK?”

(Reuters) – Germany’s Angela Merkel and France’s Nicolas Sarkozy agreed in a phone call on Tuesday to talk with the Greek government, the IMF and their European partners on Wednesday in Cannes, ahead of a G20 summit, to push their view that a Greek referendum on a new bailout deal made it more necessary than ever to implement last week’s EU summit decisions.

Merkel’s spokesman Steffen Seibert said the German chancellor and French president “agreed, together with their European partners, to guarantee the full and swift implementation of the summit decisions, which are today more necessary than ever”.

“Germany and France are convinced that this agreemenet will enable Greece to return to sustainable growth,” Seibert said in a statement, adding that they had agreed to hold a round of consultations with European institutions and the International Monetary Fund, as well as a meeting with the Greek government, in Cannes on Wednesday.

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