Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Inflation and the Crazy Crypto Markets - 23rd Oct 21
Easy PC Upgrades with Motherboard Combos - Overclockers UK Unboxing - MB, Memory and Ryzen 5600x CPU - 23rd Oct 21
Gold Mining Stocks Q3 2021 - 23rd Oct 21
Gold calmly continues cobbling its Handle, Miners lay in wait - 23rd Oct 21
US Economy Has Been in an Economic Depression Since 2008 - 22nd Oct 21
Extreme Ratios Point to Gold and Silver Price Readjustments - 22nd Oct 21
Bitcoin $100K or Ethereum $10K—which happens first? - 22nd Oct 21
This Isn’t Sci-Fi: How AI Is About To Disrupt This $11 Trillion Industry - 22nd Oct 21
Ravencoin RVN About to EXPLODE to NEW HIGHS! Last Chance to Buy Before it goes to the MOON! - 21st Oct 21
Stock Market Animal Spirits Returning - 21st Oct 21
Inflation Advances, and So Does Gold — Except That It Doesn’t - 21st Oct 21
Why A.I. Is About To Trigger The Next Great Medical Breakthrough - 21st Oct 21
Gold Price Slowly Going Nowhere - 20th Oct 21
Shocking Numbers Show Government Crowding Out Real Economy - 20th Oct 21
Crude Oil Is in the Fast Lane, But Where Is It Going? - 20th Oct 21
3 Tech Stocks That Could Change The World - 20th Oct 21
Best AI Tech Stocks ETF and Investment Trusts - 19th Oct 21
Gold Mining Stocks: Will Investors Dump the Laggards? - 19th Oct 21
The Most Exciting Medical Breakthrough Of The Decade? - 19th Oct 21
Prices Rising as New Dangers Point to Hard Assets - 19th Oct 21
It’s not just Copper; GYX indicated cyclical the whole time - 19th Oct 21
Chinese Tech Stocks CCP Paranoia, VIES - Variable Interest Entities - 19th Oct 21
Inflation Peaked Again, Right? - 19th Oct 21
Gold Stocks Bouncing Hard - 19th Oct 21
Stock Market New Intermediate Bottom Forming? - 19th Oct 21
Beware, Gold Bulls — That’s the Beginning of the End - 18th Oct 21
Gold Price Flag Suggests A Big Rally May Start Soon - 18th Oct 21
Inflation Or Deflation – End Result Is Still Depression - 18th Oct 21
A.I. Breakthrough Could Disrupt the $11 Trillion Medical Sector - 18th Oct 21
US Economy and Stock Market Addicted to Deficit Spending - 17th Oct 21
The Gold Price And Inflation - 17th Oct 21
Went Long the Crude Oil? Beware of the Headwinds Ahead… - 17th Oct 21
Watch These Next-gen Cloud Computing Stocks - 17th Oct 21
Overclockers UK Custom Built PC 1 YEAR Use Review Verdict - Does it Still Work? - 16th Oct 21
Altonville Mine Tours Maze at Alton Towers Scarefest 2021 - 16th Oct 21
How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
The Only way to Crush Inflation (not stocks) - 14th Oct 21
Why "Losses Are the Norm" in the Stock Market - 14th Oct 21
Sub Species Castle Maze at Alton Towers Scarefest 2021 - 14th Oct 21
Which Wallet is Best for Storing NFTs? - 14th Oct 21
Ailing UK Pound Has Global Effects - 14th Oct 21
How to Get 6 Years Life Out of Your Overclocked PC System, Optimum GPU, CPU and MB Performance - 13th Oct 21
The Demand Shock of 2022 - 12th Oct 21
4 Reasons Why NFTs Could Be The Future - 12th Oct 21
Crimex Silver: Murder Most Foul - 12th Oct 21
Bitcoin Rockets In Preparation For Liftoff To $100,000 - 12th Oct 21
INTEL Tech Stock to the MOON! INTC 2000 vs 2021 Market Bubble WARNING - 11th Oct 21
AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
Stock Market Wall of Worry Meets NFPs - 11th Oct 21
Stock Market Intermediate Correction Continues - 11th Oct 21
China / US Stock Markets Divergence - 10th Oct 21
Can US Save Taiwan From China? Taiwan Strait Naval Battle - PLA vs 7th Fleet War Game Simulation - 10th Oct 21
Gold Price Outlook: The Inflation Chasm Between Europe and the US - 10th Oct 21
US Real Estate ETFs React To Rising Housing Market Mortgage Interest Rates - 10th Oct 21
US China War over Taiwan Simulation 2021, Invasion Forecast - Who Will Win? - 9th Oct 21
When Will the Fed Taper? - 9th Oct 21
Dancing with Ghouls and Ghosts at Alton Towers Scarefest 2021 - 9th Oct 21
Stock Market FOMO Going into Crash Season - 8th Oct 21
Scan Computers - Custom Build PC 6 Months Later, Reliability, Issues, Quality of Tech Support Review - 8th Oct 21
Gold and Silver: Your Financial Main Battle Tanks - 8th Oct 21
How to handle the “Twin Crises” Evergrande and Debt Ceiling Threatening Stocks - 8th Oct 21
Why a Peak in US Home Prices May Be Approaching - 8th Oct 21
Alton Towers Scarefest is BACK! Post Pandemic Frights Begin, What it's Like to Enter Scarefest 2021 - 8th Oct 21
AJ Bell vs II Interactive Investor - Which Platform is Best for Buying US FAANG Stocks UK Investing - 7th Oct 21
Gold: Evergrande Investors' Savior - 7th Oct 21
Here's What Really Sets Interest Rates (Not Central Banks) - 7th Oct 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Athens Mayor: Greek Government Should Resign

Politics / Eurozone Debt Crisis Jul 01, 2015 - 10:25 AM GMT

By: Bloomberg

Politics

Athens Mayor George Kaminis spoke with Bloomberg Television's Erik Schatzker who is reporting from Athens. He discussed the Greek debt crisis and the likelihood of the country staying in the euro zone.

On the Greek government, Mayor Kaminis said: "I think they should resign...The government, if it loses this vote -- that means it has lost the confidence of the people, and I think they will understand it. So I think that the more natural development will be to have elections, general elections."


On how the next government will be more successful Kaminis said: " This vote is going to open a new dynamic, a new dynamic that will liberate many, many forces, social forces in the country that during those last years have stood silent. Now they stand for the yes. And we will have new voices appearing. They have already started appearing."

Highlights:

  • Greek Government Should Resign
  • Vote Will Open Up New Forces In Greece
  • Capital Controls Forcing Greeks To See Reality
  • Thinks There Will Be 'Yes' Vote Sunday

ERIK SCHATZKER, BLOOMBERG NEWS: I am sitting/standing, if you will, with Giorgos Kaminis. He is the Mayor of Athens. And, Mr. Mayor, let's begin with the noise that is -- that we hear behind us. We're standing only a couple hundred meters from parliament. There is a large crowd gathering, asking for what?

GIORGIS KAMINIS, MAYOR, ATHENS, GREECE: Asking for Greece to remain in the Eurozone, and in the European Union. That is what at stake mainly today and in the next days. Well we know very well that this referendum is not the so-called ultimatum that we have presented to us, cannot exit in (INAUDIBLE). It is about what I just said, remaining or not in the euro.

SCHATZKER: Okay. Do the Greek people understand that? And the reason I ask the question, because even people, individuals like Wolfgang Schauble, the German finance minister, --

KAMINIS: Yes.

SCHATZKER: -- said today, even if there is a no vote in the referendum, Greece can still stay in the euro. So if a man like the finance minister of Germany is prepared to say that, how are the Greek people to know what to vote for?

KAMINIS: Well I have the suspicion that Mr. Schauble wants us to vote not, and that is what I think. Well I cannot understand how voting no can retain and Greece in the Eurozone. Anyway, we want our leaders in Greece, both Greece and Europe to go back to the table of negotiations, conclude an agreement, an agreement first of all in favor of the dignity of the Greek people and of our economic development.

And concerning Europe, we have to conclude an agreement that respects European rules and institutions. We want to stay in the core of the Eurozone. We hope that this referendum will not take place, but I can assure you I am frustrated that if it takes place, we are going to have a victory with yes.

SCHATZKER: How did you know? Why are you so certain that there is going to be a victory for the yes side, which is to say the side that wants the renewed terms of a bailout, and to stay inside the Eurozone, because I saw just as many people here last night rallying in favor of the government and in favor of a no vote.

KAMINIS: Well everyone knows that the polls have shown so many, the last months, those last months that at least 70 percent of the Greeks want to remain in the Eurozone. That is the main thing.

SCHATZKER: But what if they get confused when it comes to Sunday? What if they don't understand what you believe to be true that the vote is about staying in or out of the Eurozone? Having been born in the United States, you know an up or down vote on the euro? What if they don't understand that and think I can vote no and surely we'll stay -- the Europeans will make accommodations for us?

KAMINIS: No, no. They're not stupid, the Greeks. They have understood, especially those last days, what we are going to face if we leave the Eurozone.

SCHATZKER: And what is that? What is that?

KAMINIS: Poverty and isolation in the European Union, and maybe we will be forced to leave even the European Union after leaving the Eurozone. And that is so much important for many things, and especially for our national (INAUDIBLE).

SCHATZKER: Why would Greece be forced to leave the European Union? Great Britain has its own currency and is still a member of the European Union, not always a happy member of the European Union, but it's still a member.

KAMINIS: Okay. But Great Britain is a very rich country. Now Greece we know so very well it's a very poor country and it will not be able to afford all the necessary expenses in order to remain in the European Union, first.

And, second, we think that our relationships with the rest of the European countries have suffered a lot politically. It will be very, very difficult to regain the confidence of the rest of the European countries, but I'm persuaded the yes will win and we will stay in the Eurozone and in the European Union.

SCHATZKER: What are the forces you're aligned with, the people who want the Greeks to vote yes going to do in the next several days to get the vote to go in your favor? How will you mobilize the Greek people to do what you want?

KAMINIS: Well there are not so, so many things to do, because well I'm persuaded. I speak with a lot of people. I go around Athens, and I know I have seen that even people who wanted to vote no have started changing out of the development of those last days because they have started taking conscience of what is going to happen if we leave the Eurozone.

SCHATZKER: Why aren't people more upset? I've walked around Athens myself, and I have seen that the lineups in front of the cash machines are very orderly. People don't seem to be angry. They aren't fighting. They aren't stealing and robbing from each other. These are the apocalyptic scenarios that people painted for Athens under capital controls, and yet it hasn't happened that way.

KAMINIS: Well no. And I can assure you it will not happen. All this bad press that Athens has received during those last years is -- is what exactly (INAUDIBLE).

SCHATZKER: Well people remember 2012.

KAMINIS: Is bad press poking, had some incidents, very isolated in timing and space. People are very, very mature. You see they remain there calm, even if they are angry. They are waiting. And they are waiting for a positive vote.

SCHATZKER: So people like me, for example, and those watching us have this conversation shouldn't necessarily judge the mood of the Athenian people by the behavior on the street. They shouldn't see these people behaving calmly, going about their business, going to work, going home, preparing dinner, going for a walk in the evening and think to themselves, those people are going to vote with the government? They shouldn't draw that conclusion.

KAMINIS: No, I don't think so. I don't think so. People are very, very mature. During those last five years, okay, there has been a lot of anger, but also during those last years also a lot of maturity. People have started understanding what has happened to the country, why did it happen. And I am positive that we are going to win.

SCHATZKER: Answer me this question. Let's say yes wins. Let's say Greece decides to stay inside the Eurozone, to remain a part of the single currency. Come Monday, what happens?

KAMINIS: Monday, it will be a total different scene.

SCHATZKER: Does this government resign?

KAMINIS: Only -- well I think they should resign because that they will have lost a very, very serious --

SCHATZKER: Confidence vote?

KAMINIS: Yes, yes, yes, of course, because they wanted the no. So people are going to vote yes. After every referendum, the national vote is in a certain way it obliges the government to -- to take the position that it should take. Now the government, if it loses this vote is -- that means it has lost the confidence of the people, and I think they will understand it. So I think that the more natural development will be to have elections, general elections.

SCHATZKER: If that's the case, if you're right, who is going to lead this country? No one has stepped forward among the political opposition to say that I am going to challenge Mr. Tsipras, I am going to lead this opposition to victory on Sunday and I am going to win the next election.

KAMINIS: Okay. You see this. If we have this result, and I'm persuaded that -- I'm confident that we are going to have it, there will be a new dynamic in Greek politics, (INAUDIBLE) about that.

SCHATZKER: And of what sort? Describe it for me.

KAMINIS: Well I think that we will have a fresh, new leadership and, most of all, we will have the pro-European forces united.

SCHATZKER: Who would you throw your weight behind? You're an influential member of the political establishment in this country. Who should be prime minister?

KAMINIS: Well let's see the result of the elections. And I will just be patient, and let's just see what happens. It's very early to start talking about those things. Now the main issue is to win the referendum, if it takes place.

SCHATZKER: How are you going to, and not you personally, but how is this country -- let's say, again, hypothetically speaking, the country votes yes. How is Greece going to regain the confidence and trust of its European creditors? Let's not forget that the previous governments were incapable of implementing the kinds of reforms demanded of this current government, which this current government has refused to accede to? How is the next government going to be any different, any more successful, changing the tax codes, changing the labor laws, reforming the pension system? These are, I mean these are no small tasks in this country.

KAMINIS: For the reason that I just told you.

SCHATZKER: The new dynamic?

KAMINIS: This vote is going to open a new dynamic, a new dynamic that will liberate many, many forces, social forces in the country that during those last years have stood silent. Now they stand for the yes. And we will have new voices appearing. They have already started appearing.

SCHATZKER: Help people outside Greece understand what this country is going through right now since yesterday morning at 3 a.m. when the government introduced capital controls.

KAMINIS: And physical banks are closed.

SCHATZKER: Yes.

KAMINIS: That means every transaction is -- we don't have any transactions anymore in the city, in the country. So people realize what could happen if we leave the Eurozone. It's a tremendous experience suddenly to see that you don't have money to pay your most important, in a way, transactions. It is very, very important. That changes the mentality of people.

SCHATZKER: How long is it going to take before these capital controls begin to bite? And when I say bite, I mean not just taking 60 euros a day out of the bank. There's food, and medicine and basic supplies begin to disappear from the supermarket shelves and the pharmacies because nobody can pay for imports. How long is that going to take?

KAMINIS: Well it will not take long. Only a few days ahead of us we will have the yes, and things are going to come back to the normality.

SCHATZKER: What kinds of signals is the yes side, the opposition, getting from the ECB, for example, the other European creditors, the Greek Central Bank? What kinds of assurances are you getting that a yes vote on Sunday will restore some semblance of stability to this country, because that remains an open question.

KAMINIS: Okay, yes, of course. But the signs that we received is that if we vote yes, the climate in the European Union will change (INAUDIBLE).

SCHATZKER: Because you must -- you must have that confidence because otherwise, you will lose your credibility with the Greek people.

KAMINIS: Me, no, no.

SCHATZKER: No, the forces of the opposition.

KAMINIS: Well I think that we have --

SCHATZKER: If the country votes yes and good things don't happen in very short order.

KAMINIS: As I told you, people during those last years have matured a lot. They are not expecting from one day to another to enter into paradise. But they will understand that things are going to change little by little towards the positive side.

SCHATZKER: When you see Mr. Tsipras go on state television, as he did last night and say there is no way the European Union or Eurozone would kick Greece out of the single currency, what do you think?

KAMINIS: Well I think that maybe he must know something that we don't know, but he has not persuaded us.

SCHATZKER: All right. Giorgos Kaminis, I want to thank you so very much for taking time.

KAMINIS: You're welcome.

SCHATZKER: That is the Mayor of Athens.

**CREDIT: BLOOMBERG TELEVISION**

**For more on Greece and the biggest news in financial markets, 'What'd You Miss?' featuring Joe Weisenthal and Alix Steel debuts today at 4:00 pm ET. Watch on Bloomberg Television or on livestream here: www.bloomberg.com/live

bloomberg.com

Copyright © 2015 Bloomberg - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Bloomberg Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in