Greece Confidence Vote: Papandreou Government Faces Crucial Vote In Parliament

Greek Confidence Vote Financial Debt Crisis

First Posted: 11/04/11 05:27 AM ET Updated: 11/04/11 09:39 AM ET

ATHENS, Greece - Lawmakers are gearing up for a crucial confidence vote in Greece's beleaguered Socialist government, in the latest act of a political drama that has horrified the loan-dependent country's European partners and global markets.

Prime Minister George Papandreou's future depends on his own lawmakers in the vote late Friday. The ruling party has a tenuous majority of two in the 300-seat assembly, but one Socialist lawmaker has said she will not back the government.

A Socialist revolt and international pressure forced Papandreou Thursday to retract plans for a referendum on Greece's latest international bailout agreement, worth €130 billion ($179 billion).

Papandreou sparked a global crisis when he announced the referendum Monday, as investors feared that rejection of the hard-fought debt relief plan would force a disorderly Greek default.

FOLLOW HUFFPOST CANADA

ATHENS, Greece - Lawmakers are gearing up for a crucial confidence vote in Greece's beleaguered Socialist government, in the latest act of a political drama that has horrified the loan-dependent count...
ATHENS, Greece - Lawmakers are gearing up for a crucial confidence vote in Greece's beleaguered Socialist government, in the latest act of a political drama that has horrified the loan-dependent count...
Filed by Brodie Fenlon  | 
 
 
  • Comments
  • 3
  • Pending Comments
  • 0
  • View FAQ
Comments are closed for this entry
View All
Recency  | 
Popularity
HUFFPOST SUPER USER
Jon Warcup
jon
08:36 AM on 11/04/2011
As long as america does not get involved. in the past we help but nothing in return. for example, after world war two, we gave europe a loan to put them together again. some counrties never gave payed back the loan. even today they haven't. paiad.and we ( usa) have a problem with our debt.
good time to demand for it back.
photo
HUFFPOST SUPER USER
gravescanada
08:19 AM on 11/04/2011
Whats amazing to me, is that the world was so afraid that their would be a referendum. Whatever happened to Democracy? Why are the markets so afraid of Democracy? To have been able to get the citizens of Greece to have validated this agreement is what democracy is all about.
photo
HUFFPOST SUPER USER
Norma Ward
07:55 AM on 11/04/2011
With the rescue, Greece's debt-to-GDP will only drop to 120 percent by 2020, a debt level that is still considered highly risky by many economists. Here is an article that outlines the trigger point for debt default by both developed and developing economies including Greece and the United States:

http://viableopposition.blogspot.com/2011/04/trigger-point-for-united-states-debt.html