November 3, 2011
Greece's leaders scrambled to restore political stability in the country and preserve it's euro membership, killing a controversial plan for a referendum on Greece's latest bailout that has roiled global markets and infuriated European leaders.
The decision by Greek Prime Minister George Papandreou to shelve the poll capped a tumultuous few days that thrust Athens to the brink of political chaos and forced Europe's leaders to contemplate Greece's exit from the single currency. Faced with a rebellion from within his own party over the referendum, Mr. Papandreou backed away from the plan on Thursday, saying he would seek a bipartisan alliance with Greece's conservative opposition to form a national consensus on the bailout.
Though the future of Mr. Papandreou's government remained in doubt ahead of a planned confidence vote on Friday, his decision to drop the proposed referendum quelled fears of an imminent Greek exit from the euro zone, a step that some feared risked triggering the collapse of the currency itself.
Leaders of the Group of 20 leading global economies, meanwhile, gathered in Cannes, France, searched for ways to shore up the wider euro currency zone – a major part of the global economy – against the growing financial chaos unleashed by the Greek tumult.
More
No comments:
Post a Comment