November 3, 2011

Surprise Military Change Over: Is Greece Preparing for a Military Coup or Afraid of One? (Guest Post)

By Mike "Mish" Shedlock

Greek prime minister George Papandreou pulled a second major surprise move in two days. Yesterday he rattled the markets with a bombshell voter referendum proposal on the EU bailout (see EU Deal Unravels from Many Sides; Italy, France Bond Spreads Hit Record High vs. Germany; Bund Yield Drops Most on Record; All Out Bond Crisis).


Greece Replaces Top Brass in Army, Navy, Air Force in Surprise Move

Today in another surprise move, Greece Replaces Top Brass in Army, Navy, Air Force
In a surprise move, on Tuesday evening the defence minister replaced the country’s top brass.
An extraordinary meeting of the Government Council of Foreign Affairs and Defence (Kysea), which comprises the prime minister and other key cabinet members, accepted Defence Minister Panos Beglitis' proposal that the following changes be made to army, navy and air force and the general staff:
  • General Ioannis Giagkos, chief of the Greek National Defence General Staff, to be replaced by Lieutenant General Michalis Kostarakos
  • Lieutenant General Fragkos Fragkoulis, chief of the Greek Army General Staff, to be replaced by lieutenant general Konstantinos Zazias
  • Lieutenant General Vasilios Klokozas, chief of the Greek Air Force, to be replaced by air marshal Antonis Tsantirakis
  • Vice-Admiral Dimitrios Elefsiniotis, chief of the Greek Navy General Staff, to be replaced by Rear-Admiral Kosmas Christidis

It is understood that the personnel changes took many members of the government and of the armed forces by surprise.
Is Papandreou Preparing for a Military Coup or Afraid of One? 

I can only think of two reasons for this latest surprise announcement.
  1. Papandreou or the Defense Minister is Preparing for a Military Coup (to stay in power if he does not survive the vote of confidence)
  2. Papandreou or the Defense Minister is Afraid of a Military Coup

Take your pick. It's one or the other but it could be both.


About The Author - Mike Shedlock / Mish is a registered investment advisor representative and he writes at Mish's Global Economic Trend Analysis (EconMatters author archive here)

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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