Greek Drama

Posted by Kris | Tuesday, November 08, 2011 | | 0 comments »

He beg for help --> He got the help needed --> Then call a referendum to decide whether Greece should accept help --> Called off the referendum as he got whacked by EU counterparts --> Now he step down. (Maybe is his easy way out of impending more problems that will eventually hit Greece even though they got the aid. Wash handing act accomplished...) 

Papandreou’s surrender caps a tumultuous 10 days that started with him securing a second bailout from the European Union, then roiling markets by unilaterally deciding to put the terms of that rescue to the Greek people in a vote, a plan he then dropped. Bowing to pressure from his party and the opposition, Papandreou pledged to stand aside for a government with wider support

Greek Prime Minister George Papandreou spoke to the main opposition leader today as the two men worked out details of a unity government to secure outside financing and avert a collapse of the country’s economy.
Papandreou and Antonis Samaras, leader of New Democracy, spoke by phone and will have further contact later in the day, said a Greek government official who declined to be named. They were due to announce the name of the head of the new government today after Papandreou agreed to step down.
The unity government’s mission will be implementing the European summit decision from Oct. 26 on a second Greek financing package of 130 billion euros ($179 billion) before leading the country to elections, according to an e-mailed statement from the premier’s office in Athens. Papandreou spoke today with German Chancellor Angela Merkel, head of the group of euro area finance ministers, Jean-Claude Juncker, and European Commission President Jose Barroso.