Greece Leader Faces Revolt on Bailout Mess
George Papandreou struggling to hold his own party together
By Matt Cantor, Newser User
Posted Nov 1, 2011 3:50 PM CDT
Greek Prime Minister George Papandreou today announced a vote on the EU bailout plan.   (Getty Images)

(Newser) – After Greece’s prime minister shocked the world—and his own finance minister—by announcing a public referendum on the EU bailout, the government has entered crisis mode. As leaders hold emergency talks, six members of George Papandreou’s party have called for his resignation, and one has quit, leaving his party’s majority at two, the BBC reports. The opposition party wants an election, while a top MP from Papandreou’s party wants to form a unity “government of national salvation,” to be followed by elections.

“In order to save himself, Mr Papandreou has posed a dilemma of blackmail that puts our future and our position in Europe in danger,” the opposition leader says. Papandreou will meet with Angela Merkel and Nicolas Sarkozy tomorrow on the sidelines of the G20 summit. He says the referendum is needed in order to put austerity measures in place. The New York Times warns that Friday’s planned confidence vote could lead to a government collapse, ending hopes for a bailout and ultimately prompting a default and the end of the euro in Greece. Click for more.

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Sep 3, 2015 12:15 PM CDT
Without austerity measures, it wouldn't matter one iota if their entire debt was wiped clean. The Greeks would continue as before and any debts piled up in the interim would come to fruition sooner or later. Doubtful Germany and others will continue to erode their economy by giving money to them and the others waiting in line for the same debt forgiveness. This largesse has created no easy solutions as it has been going on too long, just as entitlements here in the U.S. continue to grow and grow without any economic solutions in the forecast nor of concern to our Congress.
Sep 25, 2014 11:22 AM CDT
Austerity puts a belt around the waste of the government and a rope around the neck of the lower class to put profits/interest income in the pockets of the 1%. Let the rich take the same cuts to profits as the poor take in services, then call it class welfare.
Nov 2, 2011 9:48 AM CDT
Just get the hell out of there Greece,buy yourself some printers n paper,and start again,stop delaying the inevitable.