Financial Times
June 22, 2011
Greece’s international creditors have watched with increasing dismay this year as the economic and fiscal reform effort required of the socialist government to prevent the eurozone’s first sovereign debt default has ground to a halt.
On Wednesday they were struck by bad news on a different front when Antonis Samaras, leader of the conservative opposition New Democracy party, defied their advice and announced he would oppose the government’s latest austerity plans when they come up next week for a parliamentary vote.
The €28bn package is still likely to win approval, Greek political commentators say. After an internal crisis last week that prompted George Papandreou, prime minister, to remove his finance minister and reorganise his cabinet, tensions in the ruling Pasok party have eased.
But Mr Samaras, by rejecting the creditors’ appeal for national unity to combat the crisis, has highlighted the risk that the deep divisions of the political establishment, coupled with bureaucratic resistance and inertia, will push Greece closer to the quicksands of default.
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