June 21, 2011
The multi-layered effort to stave off a Greek sovereign default that could plunge Europe into one of its worst ever crises moved towards a climax last night with the Greek prime minister pleading in Athens for a vote of confidence and Europe's leaders staring into the abyss before a Brussels summit on Thursday.
Leaders in Brussels spoke of the worst crisis in Europe since the second world war as the International Monetary Fund (IMF) set ultimatums before the 17 countries of the euro single currency and international ratings agencies classified the bailout terms for Greece as a likely default.
George Papandreou, the embattled Greek prime minister, needed to win a midnight vote of confidence in his reshuffled socialist government before attempting an even bigger challenge – getting the parliament in Athens to back a radical programme of spending cuts, tax increases, and a mass assets sell-off by the end of the month.
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