Thursday, June 16, 2011

Greek Leader Vows to Stay and Fight Debt Crisis

Wall Street Journal
June 16, 2011

Greek Prime Minister George Papandreou, in an attempt to quell a growing revolt within his Socialist government, called on party lawmakers Thursday to support his unpopular austerity measures.

"Now is not the time to quit, now is the time for us to continue," Mr. Papandreou said in an extraordinary speech to Socialist parliamentarians. "Now is the time to say 'yes' to the big changes."

Mr. Papandreou, who is due to announce a cabinet reshuffle later Thursday, said he would seek a vote of confidence in his new government.

His remarks to lawmakers came after two Socialist deputies resigned from the party earlier in the day in opposition to the government's economic policies.

This week there have also been two other defections from the party, effectively narrowing the government's majority in parliament.

Mr. Papandreou acknowledged that his government had made mistakes in handling Greece's economic crisis, but also criticized other European leaders for failing to stem the debt crisis engulfing the euro zone.

He promised his lawmakers that Greece's fellow European Union member nations would soon come to the country's aid with a fresh and enormous loan deal.

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