Bloomberg
June 27, 2011
Greek Prime Minister George Papandreou faces his second survival test in a week as lawmakers vote on a five-year austerity plan that must pass for the cash- strapped nation to secure more international aid.
Failure to pass Papandreou’s plan may lead to the euro area’s first sovereign default as Greece needs to cover 6.6 billion euros ($9.4 billion) of maturing bonds in August. The week begins with governments and banks jostling over how private investors can support Greece and will end with another round of crisis talks as Europe’s finance ministers meet in Brussels.
With 155 votes in the 300-seat legislature, Papandreou needs to unite his lawmakers in two votes this week on a 78 billion-euro package of cost-cuts and asset sales before Greece can tap a fifth loan payment from last year’s 110 billion-euro European Union-led rescue. Ruling-party lawmaker Thomas Robopoulos said June 24 he may vote against the government, joining Alexandros Athanasiadis, who opposes plans to sell a stake in Public Power Corp SA (PPC), the former electricity monopoly.
More
No comments:
Post a Comment