Greece Leader Survives Crucial Vote

Papandreou win clears way for austerity plan to appease creditors
By Newser Editors and Wire Services
Posted Jun 21, 2011 5:21 PM CDT

(Newser) – Greek Prime Minister George Papandreou has survived a confidence vote in parliament, winning a gamble on his government's survival and the danger of a devastating debt default that could spark a financial maelstrom around the world. Papandreou won 155 votes to 143, with two abstentions in the 300-member legislature.

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A loss would have likely led to early elections and thrown into question whether Greece could pass the new austerity bill by the end of June as demanded by the country's international creditors. Unless the new measures pass, Greece will not receive the next batch of funds from its bailout loans, and will face a disastrous default. Expectations that Papandreou would win lifted world markets, including the Dow. (Read more Greece stories.)

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