Greek prime minister heads for the exit ATHENS, GREECE (BDCI) – Greek Prime Minister George Papandreou will step down from his post as prime minister once the controversial bailout deal of 130 billion Euros is approved. The news was announced Sunday night, November 6th, by the president Karolos Papoulias, alleging the decision was achieved after the meeting between Papandreou and Antonis Samara, the leader of the New Democracy party, Greece’s leading opposition party, to form a new government. No other details were disclosed except that the new national elections will be held sometime after the bailout is implemented. Mr. Papandreou has come under fire at home and abroad for his short-lived plan for a referendum on a Eurozone bailout deal. He survived a confidence vote in parliament on Saturday, but lawmakers from his party have called on him to quit. The move appears to close one chapter in Greece’s tumultuous political and economic saga, as Papandreou had become a lightning rod for critics for his leadership of the south European nation as it endures a prolonged financial crisis. Today, Ilias Mosialos, a Greek government spokesman said a new prime minister will be named Tuesday to replace Papandreou. He said as much in Brussels, Belgium, where finance ministers to Eurozone countries were meeting, “After a difficult week we have now a new political situation, a new political frame in Greece.”
Greece’s turmoil is far from over. This being the second bailout from the European Union and International Monetary Fund comes with high expectations and demands. It’s expected to bring additional austerity measures that include slashing government jobs, privatizing some businesses and reducing pensions. While the aforementioned austerity measures should help, it comes at a time when Greece’s economy and the broader global economy are staggering.
By: Jandra Bell Source: The Telegraph, Yahoo News Image: The Telegraph 7 November 2011
3:38 p.m. P.S.T.