November 5, 2011
George Papandreou’s chances of putting together a strong coalition government that could persuade international lenders to unblock fresh funding for Greece have faded after the conservative leader bluntly rejected his proposal.
Antonis Samaras said on Saturday his New Democracy party would not join a new government that would lack a clear mandate. He repeated his call for immediate elections.
Analysts said that without the support of Greece’s largest opposition party, Mr Papandreou would be unable to secure the disbursement of a desperately needed €8bn loan tranche, exposing the country to the risk of a disorderly default by the middle of December. Herman Van Rompuy, the EU president, has called for both main political parties to back the new programme as a precondition for any funding to be disbursed.
“Europe is running out of patience … it’s clear that if we don’t reach a deal very soon with the conservatives, our financing lines will be cut,” said a senior member of Mr Papandreou’s PanHellenic Socialist Movement (Pasok).
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