Bloomberg
November 3, 2011
Europe’s financial turmoil deepened, dominating a Group of 20 summit, amid speculation Greek Prime Minister George Papandreou will quit after his call for a referendum on an international rescue split his party and cut off aid.
Papandreou, whose term runs to 2013, will step down today and propose a coalition government headed by former European Central Bank Vice President Lucas Papademos, the BBC reported, without saying how it got the information. The uproar came less than 24 hours after the leaders of Germany and France turned the referendum on a week-old bailout package into a vote on whether Greece stayed in the euro area, cutting off assistance in the meantime.
The hardball tactics of German Chancellor Angela Merkel and French President Nicolas Sarkozy underscored the urgency at the gathering of world leaders to solve the two-year-old debt crisis that is weighing on the global economy. Italy’s bond yields rose to a euro-era record, as the 17-nation currency hurtled into uncharted territory.
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