Financial Times
November 6, 2011
Greece’s debt crisis has swept away its prime minister barely two years after he came to office as a traditional socialist promising a burst of spending on pensions, healthcare and education.
George Papandreou will be remembered by Greeks with more than a trace of bitterness as the man who smilingly declared “the money’s there”, even as the financial storm clouds were gathering.
Ending a week-long political crisis, Mr Papandreou was due to resign the premiership on Monday. He will make way for a non-political leader tasked with implementing Greece’s €130bn bail-out and then taking the country to elections early next year.
He has become the first Greek prime minister in almost 50 years to be forced out of office by his own cabinet, having abandoned a plan to hold a referendum on the bail-out after it was roundly criticised by European leaders in Cannes during the G20 summit last week.
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