Greece On The Edge After Second Failed Presidential Vote | Zero Hedge.
A week after the Greek Prime Minister, Antonis Samaras, was unable to push through his nominee for president, Stavros Dimas, in a vote in parliament that needed 200 votes to pass, hours ago the second presidential vote took place and just like last week it again failed to secured the needed 200 votes, with just 168 lawmakers voting for the designated appointee. This means that in the third and final voting round next week, on December 29 – a trading day where bad news will propagate like wildfire in the absence of any market liquidity and means Kevin Henry will have to work overtime buying ETFs – New Democracy’s Samaras has to find (or bribe) another 12 votes or else Greece is facing a snap election where the anti-bailout/anti-austerity leftist Syriza party is expected to win, and set off a chain of events that may result in Greece being kicked out of the Eurozone at least if the jitters seen during the summer of 2012 are any indication.
Then again, judging by the absolute non-reaction by the market, it seems that not an algo cares any longer if Greece is or isn’t part of the Eurozone, and/or if peripheral European bond yields trade with the implied ECB monetization premium or are allowed to trade at fair value, well into double-digit yield territory.
In the meantime, the PM is starting to sweat:”I hope in the final vote for president we will avert a national catastrophe,” Greek PM Antonis Samaras told reporters in Athens today after the failed second round vote. By “national catastrophe” he, of course, means allowing the majority to express its opinion.
Here is what Bank of America had to say via Bloomberg:
