Reuters
November 4, 2011
Whatever the outcome of Greece's confidence vote on Friday, political instability will almost certainly keep markets guessing whether Athens will be able to ratify a 130 billion euro bailout deal in time to avoid a messy default in December.
Greece has to pay nearly 3 billion euros in bonds maturing in December with big bills falling due from December 19 onwards. Finance Minister Evengelos Venizelos told parliament on Thursday the state can meet its obligations until December 15.
Greece must pay 1.172 billion euros on a 3-year bond due December19, 978 million euros on a zero-coupon bond due December 22 and 714 million euros for one-year paper maturing December 30.
Prime Minister George Papandreou is almost certain to step down whether he wins or loses Friday's vote after his call for a referendum on the country's bailout lifeline triggered a revolt within his party and prompted anger from European leaders. The referendum plan has since been called off.
Here are some scenarios on how the drama in Athens might play out in the coming weeks:
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