Tags: EU | Greece | Financial | Crisis

Greek PM Survives Confidence Vote in Parliament

Tuesday, 21 Jun 2011 06:11 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

ATHENS, Greece — Greek Prime Minister George Papandreou survived a confidence vote in parliament early Wednesday, winning a gamble on his government's survival and the danger of a devastating debt default.

Papandreou won more than the absolute majority of 151 votes he needed in the 300-member legislature to face down an internal party revolt and help him pass deeply disliked austerity measures that have provoked strikes, protests and a slump in his popularity.

The vote was being conducted by roll call after a heated debate that saw sections of the opposition briefly walk out

A loss would have likely led to early elections and thrown into question whether Greece could pass the new austerity bill by the end of June as demanded by the country's international creditors. Unless the new measures pass, Greece will not receive the next batch of funds from its bailout loans, and will face a disastrous default.

Greece is being kept financially afloat by euro110 billion ($157 billion) EU-IMF bailout fund.

A default by Greece could spark a financial maelstrom around the world, dragging down Greek and European banks as well as stoking renewed fears over the finances of other eurozone countries, such as Portugal, Ireland and Spain.

Expectations that Papandreou would win lifted world markets. His Socialist party holds a five-seat majority in the 300-member legislature.

Papandreou reshuffled his Cabinet last week and replaced his finance minister to ease growing dissent within the governing party.

On Tuesday the new finance minister, Evangelos Venizelos, promised that parliament will pass the unpopular austerity package by the end of June in order to comply with European Union demands to receive the next payment in its bailout loan.

Venizelos said Parliament is set to vote on euro28 billion ($40.2 billion) worth of budget cuts and other savings next week.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Reagan Astrologer, Joan Quigley, Dies at 87

Saturday, 25 Oct 2014 00:11 AM

Joan Quigley, the astrologer who helped determine President Ronald Reagan's schedule and claimed to have convinced him t . . .

Mali's First Ebola Case, A 2-Year-Old Girl, Dies

Friday, 24 Oct 2014 23:08 PM

A two-year-old girl who was Mali's first case of Ebola died on Friday, shortly after the World Health Organization warne . . .

US General: North Korea Closer to Building Nuclear Weapon

Friday, 24 Oct 2014 22:53 PM

Gen. Curtis Scaparrotti, commander of U.S. forces on the Korean Peninsula, said Friday that North Korea is moving closer . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved