Greece: Prime Minister George Papandreou survives by just 12 votes
GREECE'S prime minister survived a key confidence vote, keeping alive a government bid to avert a debt default that could spark a financial maelstrom around the world.
MPs voted 155 to 143 along party lines last night to back George Papandreou, who now faces a critical vote next week on a massive austerity package that Greece's international creditors have said must pass by the end of June.
He is seeking 28 billion euro (s24.8bn) in budget cuts and new taxes and 50 billion euro (s44.3bn) worth of privatisation of public assets. Unless the new measures pass, Greece will not receive the next batch of bailout funds worth 12 billion euro (s10.6bn), and will face a disastrous default in July, when it runs out of money.
A default by Greece could drag down Greek and European banks and renew fears over the finances of other eurozone countries such as Portugal, Ireland and Spain.
And:
As deputies voted, several thousand protesters gathered outside parliament chanting "Thieves! thieves!", shining green laser lights at the parliament building and into the eyes of riot police. Continuing strikes by electricity company workers objecting to privatisation caused a second day of rolling power cuts.
This anger doesn't seem to be factored as a tangible power. But it is, and it's just begun to fester.
GREECE'S prime minister survived a key confidence vote, keeping alive a government bid to avert a debt default that could spark a financial maelstrom around the world.
MPs voted 155 to 143 along party lines last night to back George Papandreou, who now faces a critical vote next week on a massive austerity package that Greece's international creditors have said must pass by the end of June.
He is seeking 28 billion euro (s24.8bn) in budget cuts and new taxes and 50 billion euro (s44.3bn) worth of privatisation of public assets. Unless the new measures pass, Greece will not receive the next batch of bailout funds worth 12 billion euro (s10.6bn), and will face a disastrous default in July, when it runs out of money.
A default by Greece could drag down Greek and European banks and renew fears over the finances of other eurozone countries such as Portugal, Ireland and Spain.
And:
As deputies voted, several thousand protesters gathered outside parliament chanting "Thieves! thieves!", shining green laser lights at the parliament building and into the eyes of riot police. Continuing strikes by electricity company workers objecting to privatisation caused a second day of rolling power cuts.
This anger doesn't seem to be factored as a tangible power. But it is, and it's just begun to fester.
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