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Can a Domino Topple Twice?



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Via Business Insider:

There’s a growing rift in Greece’s ruling PASOK government over the level of austerity, according to Kathimerini. Although this month’s election was seen as a validation for PASOK and the cold-blooded reforms of Prime Minister George Papandreou, it turns out much of his cabinet supports another approach. Labor Minister Louka Katseli, an economist and powerful figure in the party, came out against plans to restrict the power of labor unions, putting her in direct conflict with Greece’s international debtors. Katseli has the support of Citizens’ Protection Minister Christos Papoutsis, Environment Minister Tina Birbili and Deputy Foreign Minister Mariliza Xenogiannakopoulou, according to Kathimerini. Today’s issue of the conservative Kathimerini calls for the ouster of these renegade cabinet members. The yield on Greek 10-year bonds rose to 11.83%, back to the highs of September. Yields rose over 12% briefly in May.



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