Greek interim coalition government to vote on new leader

07 November 2011 10:21  [Source: ICIS news]

Greek coalition to vote on new leaderLONDON (ICIS)--Leaders of Greece's two biggest political parties are on Monday expected to vote on who will lead a new interim coalition government following mounting international pressure for cross-party acceptance of a multi-million euro bailout package.

Socialist Prime Minister George Papandreou and opposition leader Antonis Samaras agreed on Sunday to form a coalition government to help pass through a rescue package to address the country's spiralling debt problems.

As part of the deal, Papandreou will stand down as prime minister, with former European Central Bank vice president Lucas Papademos being tipped as the most likely to head the new government.

Last week, European markets were in turmoil following Papandreou’s announcement that Greece would hold a referendum on the latest bailout package, only to drop his decision after coming under pressure from international leaders at the G20 summit in Cannes, France.

However, on 5 November Papandreou survived a confidence vote and said he would try to form a government with a broader consensus.

On Monday, financial markets were still trading down in the morning session from the previous close as investors remain nervous over the eurozone debt crisis.

At 09:53 GMT, the UK’s FTSE 100 had fallen by 1.12%, Germany’s DAX was down by 1.19%, and the CAC 40 in France had fallen by 1.64%. At the same time, the Dow Jones Euro Stoxx Chemicals index was down slightly by 0.83%.

($1 = €0.73)

By: Franco Capaldo
+44 (0)20 8652 3214

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