EUROZONE/ GREECE : Profile: New FM Evangelos Venizelos.

WSJ / A.Grantisas, C.Paris

Who is Evangelos Venizelos...the new man chosen to convince Greece's politicos and the public to go along with even more severe new austerity measures?
He is a lawyer, 54...but not an economist...who was the defense minister.
But... importantly... Venizelos has political gravitas.
"Venizelos carries a lot of political weight, both inside the Socialist party and in the wider public,"said an independent political analyst. "His appointment as finance minister means that Papandreou is trying to check the social upheaval we have seen in the past few days."

EUROZONE: Markets Drop Again...As Greeks Slowly Sort Out Their Politics.

GUARDIAN

European markets dropped again...to a 3-month low on Greek debt worries. Japan's market also fell.

PM George Papandreou says he will reshuffle his cabinet and seek a confidence vote.
His government had only a 4 vote majority...and 2 party members have defected.

FM George Papaconstantinou is now the target for protestors and the conservatives...because of his austerity proposals.

The conservative party led by Antonis Samaras reportedly opposes spending cuts...and instead wants tax breaks and renegotiations with creditors.

The markets don't care who governs. They want agreement... so the IMF or somebody will pay the next tranche. They simply fear...contagion.

"It is the contagion effect, which is unnerving markets. It is not just about Greece, but about who is the next," said the head of investment dealing at a fund company that manages $80 billion. "We need a proper long-term solution, not a plaster."

The WSJ quotes an observer at MF Global.
It goes something like: "...the guys with the cigars don't like rioting. It makes them uncomfortable...and says to them...that it is time to head for the sidelines."

AP  1:10 Video Report
http://www.youtube.com/watch?v=5J5KEc7AWeQ&feature=player_embedded

EUROZONE / GREECE: 5 Year High Rates "Crush" Bonds.

GUARDIAN        

    Germany's FM Wolfgang Schäuble (pictured) believes that "further measures" may be needed to help Greece as the  cost of insuring Greek debt has hit a record high.
    Schäuble told a German newspaper that investors holding Greek bonds could face losses after 2013 when the current Greek rescue package expires.
    Greek FM George Papaconstantinou has admitted that Athens might need "more time" to persuade financial markets that its recovery plan is credible.
    Meanwhile, many analysts speculate that Greece will be forced to restructure debt .